Elon Musk Doing A Massive Layoff In Twitter
In order to save freedom of speech and to make Twitter which has become stagnant for years, Elon Musk has bought Twitter and is creating radical changes in the platform.
Some divisions will be more impacted than others by the company-wide layoffs that Elon Musk, the new Twitter boss, apparently ordered.
The layoffs may occur before November 1, when employees are due to receive their stock subsidies, which “often comprise a considerable chunk” of their income.
If the next Twitter boss fires staff before November 1, he could not be required to pay these subsidies, the article claims.
Although the merger agreement states that Musk must pay the staff in cash instead of stock.
Regarding the Saturday story, Twitter made no comments.
The number of Twitter employees who will be impacted by the reported job losses is currently unknown.
The Tesla CEO is anticipated to drastically reduce Twitter’s employment and reorganize the company.
Musk, however, informed Twitter staff last week on his first trip to the company’s headquarters while holding a kitchen sink that he is not planning to fire 75% of the workforce (5,600 employees).
Twitter employs about 7,500 people.
Musk sacked senior executives, including former CEO Parag Agrawal, chief financial officer Ned Segal, and policy chief Vijaya Gadde, among others, after completing his $44 billion acquisition of Twitter on Friday.
In his tweets, Musk has casually discussed firing Twitter employees without providing a number.
The anticipated staff reductions associated with the takeover continue to worry Twitter employees.
They criticized Musk’s plans to fire 75% of the employees in an open letter to the board of directors and Musk.