Tesla Inc.
TSLA,
Chief Executive Elon Musk plans deep cuts at Twitter Inc.
TWTR,
should he end up with the embattled company, according to a report in The Washington Post on Thursday. The world’s richest man has informed prospective investors in his deal to acquire Twitter that he intends to slash 75% of Twitter’s 7,500 workers in the coming months, chopping the company’s head count to just over 2,000. And even if Musk’s deal falls through, massive cuts are planned as Twitter’s current management attempts to lop company payroll by about $800 million by the end of next year. That would mean layoffs of about 25% of all employees, the Post reported.
What will the Fed and Jerome Powell do next week?
Jittery U.S. investors are still in “bad news is good news” mode because they want to see interest rates decline....
