Twitter responded that Musk will lay off 75% of its staff: there is no company-wide layoff plan.

CTOnews.com, Oct. 21, according to internal documents and interviews with the Washington Post earlier today, Musk told potential investors in the Twitter deal that he plans to lay off nearly 75 per cent of Twitter employees and reduce the number of the company to just over 2000.

In response, Twitter informed employees that there were no company-wide layoffs.

CTOnews.com has learned that Musk's $44 billion deal for Twitter is expected to be completed by next Friday after a months-long legal battle with Twitter.

The Washington Post said that even if Musk did not buy Twitter, the social media company would still make large-scale layoffs. According to reports, regardless of the deal, Twitter's current management plans to cut the company's salary by about $800 million by next year, which the Washington Post says means at least 1/4 of Twitter's employees must leave.

In the face of the economic slowdown, many technology companies are freezing hiring and layoffs, but no technology company of the size of Twitter has laid off such a large proportion of its employees in recent months.

Experts say layoffs on this scale could expose Twitter to higher risks of hacking and offensive content on the site.