Many companies have also been forced to reduce the number of their employees due to the ongoing crisis in Europe caused by the Russia and Ukraine war, which has resulted in higher prices for goods and a steady rise in inflation rates throughout many countries. It is also worth mentioning that Twitter is one of the companies that also failed to survive the global economic crisis.
Elon Musk plans to fire 50% of Twitter's workforce, or 3,700 employees. The remaining employees will be required to work from the office full-time. Musk was forced to buy Twitter at a price of $54.20 per share, or $44 billion. It is believed that his purchase was overpaid because the company is no longer profitable.
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