Twitter’s owner issued a memo late Tuesday informing employees that they had to sign a pledge to stay with the company, according to the Washington Post. If they did not sign by Thursday evening, they would be dismissed and receive three months of severance pay. The memo reflects Musk’s desire to cut costs at the company as he prepares to cover the costs of acquiring Twitter for $44 billion.
Twitter would now be “extremely hardcore,” according to Musk. “This will mean working long hours at high intensity. Only exceptional performance will constitute a passing grade.”
The ultimatum comes less than a week after Musk reversed the company’s remote-work policy and demanded that staff work in the office or face being laid off. Musk already laid off approximately half of the company’s staff and continues to claim that the company is still bloated. Musk is expected to pay $1 billion in interest a year to pay off the loans he received to acquire the company.
Musk also delayed one of the company’s most anticipated updates to its premium service. Musk unveiled that he would allow users to get verified for $7.99 a month via Twitter Blue and had intended to release the product after the midterm elections. The billionaire later announced that he was “punting” the launch of Blue to Nov. 29 to ensure the product was top-quality.
Twitter is facing increased pressure from advertisers who have begun to pull their campaigns from Twitter as they worry about how Musk could change the company’s content moderation policy.