With a tumbling stock market and signs of a recession, many tech companies are laying off workers.
According to the Wall Street Journal, less than 100 employees were laid off from the talent acquisition team. According to the Journal, the talent acquisition team would be the only one affected.
The number of employees who would be laid off was not specified by the company. The layoffs were motivated by the changing needs of the company, according to a company spokesman.
The talent acquisition team was laid off because of the freeze on hiring and backfills. In an email to Gizmodo, the company said it was only filling business critical roles and that it had no plans to hire again.
Since March, when Musk became enamored with the idea of owning and remaking the company, it has been on a roller coaster ride. The game of cat and blue bird appeared to be over when the cat reached a deal to eat the bird. As with many things that attract Musk's attention, this one didn't last.
That's if he pays. The Washington Post reported on Thursday that Musk's deal to acquireTwitter was in serious jeopardy. Citing three anonymous sources, the outlet reported that the billionaire's team has stopped engaging in funding discussions for the $44 billion deal in recent weeks.
In mid-May, Musk made a huge fuss when he zeroed in on the number of fake accounts on the social networking site. He demanded that the company prove that these accounts represent less than 5% of users. Musk was given access to ahose of data, which included information on the roughly 500 million tweets posted per day.
A source close to the deal told the Post that the social network had not cooperated.
When asked if it had anything to say about the Post report, the social media company said it had nothing to say.
The company said it would continue to share information with Mr. Musk in order to complete the transaction. The agreement is in the best interests of all shareholders. The transaction will be closed and the merger agreement will be enforced.
Musk is on the hook to complete the deal after signing it. The New York Times reported Friday that the company was preparing for a legal battle after it was reported that it could be sued to force him to go through with it. Musk would have to convince a judge to allow him to walk away from the case. It is unlikely that the billionaire will have to pay the $1 billion breakup fee, as it is only possible under certain circumstances.
The law professor at the University of Virginia said that a break up fee was not an option.
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