Business

Soon after Twitter acquisition, Elon Musk reportedly orders massive layoffs before Nov 1

After acquisition Musk fired top executives, including former CEO Agrawal, chief financial officer Ned Segal, & policy chief Vijaya Gadde, among others

PGurus Newsdesk

October 30, 2022

After acquisition Musk fired top executives, including former CEO Agrawal, chief financial officer Ned Segal, & policy chief Vijaya Gadde, among others

Elon Musk set to swing the axe at Twitter

Tech billionaire and Twitter’s new boss Elon Musk has reportedly ordered company-wide layoffs and some departments will be more affected than others, the media reported. It is still unclear how many Twitter workers will be affected by the reported job cuts

The Tesla CEO is expected to reorganize Twitter and cut the workforce by a massive margin.

Musk has casually mentioned laying off Twitter staff in his tweets, without mentioning any figure. Twitter employees are still anxious about expected staff cuts as part of the takeover. They had written an open letter to the board of directors and Musk, criticizing his plans to lay off 75 percent of the workforce.

According to The New York Times, the layoffs could occur before November 1, the same day when employees are supposed to get their stock grants, which “typically represent a significant portion” of their pay.

According to the report, the new Twitter boss may not have to pay these grants if he lays off employees before November 1. Although Musk is supposed to pay the employees cash in place of their stock under the merger agreement.

Musk, however, told Twitter employees last week, during his first visit to the company headquarters with a kitchen sink in his hands, that he is not going to lay off 75 percent of the workforce (5,600 employees). Twitter has around 7,500 employees.

Musk completed his $44 billion acquisition of Twitter on Friday, and fired top executives, including former CEO Parag Agrawal, chief financial officer Ned Segal, and policy chief Vijaya Gadde, among others.

[With Inputs from IANS]

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