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The labor market has remained stronger than expected even as the Federal Reserve has tried to get inflation under control.
The billionaire and a group of his friends and advisers are working on layoff plans and how to swiftly change Twitter’s product, said people with knowledge of the matter.
Mr. Musk faces financial challenges in owning Twitter. The site frequently loses money and took on $13 billion in debt for the blockbuster deal.
The billionaire planned to begin layoffs as soon as Saturday, people with knowledge of the matter said.
Once-buzzy start-ups had held out against the new reality that the good times are over. No longer.