Elon Musk to cut half of Twitter jobs

Elon Musk is poised to cut half of Twitter’s jobs while wielding the social media company’s axe.

The world’s richest person is targeting around 3,700 job cuts, Bloomberg reports. Affected employees will be informed tomorrow.

Mr Musk will also reverse the company’s flexible work policy and will urge all surviving employees to come into the office.

It’s the latest radical makeover following his $44 billion acquisition of Twitter. The billionaire has already fired the company’s entire board and ousted a number of key executives, including chief Parag Agrawal.

5 things to start the day off right

1) Glencore flew millions of dollars in bribes to Africa on private jets, the court said The SFO unveiled the plans ahead of the mining company’s sentencing at Southwark Crown Court today.

2) Musk suggests Trump won’t return to Twitter before the midterms The tech billionaire said it would take a few weeks to bring back previously banned users.

3) ‘Committed’ employees take pay cuts to save EV champion Britishvolt praises staff as it confirms it can fund ‘the coming weeks’

4) Virgin Atlantic job applications double after male crew are allowed to wear skirts Gender-neutral pronouns were also introduced as part of Virgin’s See the World Different campaign.

5) BBC Radio 2 leaves Wogan House All staff will leave the central London building by the end of spring 2024, the broadcaster said, with most expected to relocate to nearby Broadcasting House.

what happened overnight

Asian stocks slid on Thursday after the US Federal Reserve shifted the outlook for tightening from short and sharp to long and high, shattering any thought of a near-term pause.

Investors were initially pleased that after raising rates by 75 basis points to 3.75-4 percent, the Fed at least opened the door for a slowdown in the pace of rate hikes by noting that monetary policy was lagging behind.

But Chair Jerome Powell dampened sentiment by saying it was “very premature” to consider a pause and that the peak in interest rates was likely to be higher than previously expected.

Futures were now split based on whether the Fed would move 50 basis points or 75 basis points in December, likely raising the interest rate cap to 5-5.25 percent by May. They also imply little chance of a rate cut until December 2023.

All of this the stock markets didn’t want to hear, and Wall Street fell sharply after Mr Powell’s comments. Early Thursday, S&P 500 futures were up 0.1 percent, while Nasdaq futures were up 0.2 percent.

EUROSTOXX 50 futures followed the move overnight, falling 0.8 percent, while FTSE futures lost 0.6 percent.

MSCI’s broadest index of Asia Pacific stocks outside of Japan fell 1.5 percent, South Korea lost 0.6 percent.

Japan’s Nikkei was closed for a holiday, but futures traded about 300 points below Wednesday’s close.

Chinese blue chips slipped 0.7 percent after a services sector survey showed activity had slowed due to Covid restrictions and the Caixin PMI fell to 48.4.

https://www.telegraph.co.uk/business/2022/11/03/ftse-100-markets-live-news-bank-england-base-interest-rate-musk/ Elon Musk to cut half of Twitter jobs

Russell Falcon

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