technology

The truth about laying off employees from Twitter after the acquisition of Elon Musk


Tech billionaire Elon Musk has asked for company-wide layoffs at Twitter, according to The New York Times, and the CEOs of SpaceX and Tesla have reportedly asked managers to start preparing employee lists to cut them.

The Times was unable to say how much of the Twitter workforce Musk plans to let go – although some teams will be more affected than others. Before completing the $44 billion acquisition of the company, Musk reportedly told investors he planned to lay off As many as 75 percent of Twitter’s powerful 7,500-strong workforce, in his meetings with employees, Musk reportedly told employees he wouldn’t cut the company’s headcount drastically.

The next layoffs are likely to happen before November 1st, Engadget reported.

The timing may give Musk the opportunity to avoid paying stock grants to departing workers.

According to The Times, such payments “usually represent a large portion” of an employee’s paycheck. While Musk has shared some details about what moderation could look like on the platform under his watch, he hasn’t been outspoken about his plans for the company’s workforce.

Musk has already cut part of Twitter’s leadership team, firing CEO Parag Agrawal and chief financial officer Ned Segal on the day he took ownership of the company. According to The Guardian, the moves are expected to cost Musk at least $120 million in “golden umbrella” payments. .

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