Elon Musk slashing jobs at Twitter to avoid $700M loss next year: sources
By News on the Net -- NY Post—— Bio and Archives--November 5, 2022
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Elon Musk’s drastic decision to lay off half of Twitter’s workforce on Friday was driven by the company’s dire finances — with the now-private company on track to lose $700 million in 2023 if he hadn’t slashed costs, The Post has learned.
While the struggling social network posted a modest loss last year, interest payments on the massive trove of debt that Musk used to finance the $44 billion buyout deal will unleash a torrent of red ink at the struggling social network in the coming year, sources close to the situation said.-- More...
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