Elon Musk Plans To Lay Off 75% Of Twitter Staff If He Takes Over 

It has been reported that  Tesla's owner Elon Musk , has plans to lay off 75 percent of Twitter's workforce.

Elon Musk's big news about buying Twitter has a new twist that won't go over well with the company's workers.

It turns out that Musk has told investors that one of his plans is to fire 75% of the people who work for the social network. That's about 5,500 people.

With this, Musk plans to have a little more than 2,000 people working for him. The Washington Post reported this.

A few weeks ago, Musk said that he was sticking to his offer to pay $54.20 for each share of the social network, even though he had tried for 3 months to get out of the deal and stop the transaction

Musk said, "It's clear that I and the other investors are overpaying for Twitter right now. However, I think Twitter's long-term potential is a thousand times greater than its current value."

The Post said that Twitter's board of directors planned to cut payroll by $800 million by the end of next year. 

However, the employees at the social network are concerned about the notion that 75% of them will be laid off.

Musk said in June that the company needed to "rationalize the number of employees" and that "anyone who makes a big contribution shouldn't have anything to worry about."