Elon Musk to Fire 1000 'Woke' Twitter Staff in Major Shakeup, Leaked Plan Shows
Pitch deck reveals plans to boost revenue and cut back on advertisements
A leaked pitch deck plan has revealed that Elon Musk is planning to fire at least 1,000 "woke" staff members from Twitter when his acquisition of the company is complete.
According to the leaked pitch deck Musk presented to investors this week, which was obtained by the New York Times, the tech mogul is planning big changes at the company to boost revenue and user experience.
It's believed Musk will fire many of the firm's "woke" staff following the transfer of ownership which will take around six months, after which Musk is likely to wield the ax.
However, within the next three years, Musk anticipates making thousands of new hires, swelling the ranks to around 11,000 employees, up from 7,500 currently.
Much of the new talent is likely to be in the field of engineering.
Numbers at the company would fluctuate by rising to 9,225 employees this year before falling to 8,332 in 2023, with an additional 2,700 workers added by 2025.
Most of the jobs being shelved would occur during the takeover period.
On a company level, Musk has previously floated the idea of closing down the San Francisco headquarters in order to save money and that board members may also not receive a salary, shaving off another $3 million in expenses.
The changes Musk makes are part of his plan to increase Twitter's annual revenue by five times current levels to $26.4 billion by 2028, up from $5 billion last year.
Advertising on the platform is set to fall to 45% of total revenue under Musk, down from about 90% in 2020.
By 2028, he plans for ads to generate $12 billion in revenue in 2028, while subscriptions are expected to pull in another $10 billion, according to the report.
Musk is said to favor a subscription-based model over advertiser funding, as it would make Twitter less beholden to advertiser pressure.
He has even suggested users could pay with cryptocurrency, including joke currency Dogecoin which Musk has long had an affection for.
Other revenue would come from businesses such as data licensing.
Musk has also tweeted about potentially monetizing tweets, although he has not provided specific details.
Musk also plans to see Twitter's cash flow rise to $3.2 billion in 2025 and $9.4 billion in 2028.
After the closure of the deal, Musk is expected to become Twitter's temporary CEO it was revealed on Thursday.
Twitter's current anti-free speech CEO Parag Agrawal will likely be one of the first to be fired from the company.
Among his other goals, Musk expects the social media company to bring in $15 million from a payments business in 2023 that will grow to about $1.3 billion by 2028.
As one of the founders of PayPal, Musk is familiar with the world of digital payments.
Twitter's payments business today, which includes tipping and shopping, is negligible.
It's believed Musk may also want to introduce payment abilities to Twitter.
Musk is expected to complete his takeover in around October.