Elon Musk plans to fire Twitter employees to save money

Tesla and SpaceX CEO Elon Musk is putting his plans into action after acquiring Twitter for $44 billion. In an attempt to obtain money for the takeover, he told banks that he wanted to cut the salaries of board members and executives and also pitched ideas for monetizing tweets.

Musk presented the pitch to the financiers just days after making his bid on Twitter on April 14. He previously stated that if the offer was accepted, board members’ wages will be cut to zero, saving Twitter $3 million per year. It seems clear that Musk plans to lay off people to save money.

The tech mogul also remarked that Twitter has a considerably smaller gross margin than similar sites like Facebook and Pinterest. He claimed that this freed up a lot of room for the corporation to run more cost-effectively.

Musk detailed his ambitions to create features that will help his company generate more money from tweets that contain essential information or become viral.

Read more: Instagram is testing ‘pin’ feature for posts

In the near future, a fee could be charged if a third-party website quotes or incorporates a tweet from verified individuals or organisations.