According to reports, Elon Musk ordered Twitter layoffs across the company. The New York Times. According to reports, Tesla and SpaceX executives instructed managers on Saturday to start creating lists of employees to be cut. Twitter did not immediately respond to Engadget’s request for comment.
The Times could not determine how much of Twitter’s workforce Musk plans to let go – though some teams will be more affected than others. His $44 billion final project will be completed before he leaves. Takeover of the company, Musk reportedly told investors he planned to lay off as much as 75 percent of Twitter’s 7,500-person strong workforce. In meeting with staff, Musk is said to have told employees he wouldn’t cut the company’s headcount so dramatically.
These layoffs will likely occur before November 1. Musk may be able to avoid giving stock grants to workers who are leaving the company. According to The Times, such payouts “typically represent a significant portion” of an employee’s pay. Musk shared details about the payouts, but Musk did not provide any. ModerationWhile he hasn’t been open about what the platform will look like, he has been much more forthcoming about his plans for the company and his future plans. He spent Saturday most of Saturday at work. Food tweets.
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 GuardianMusk is expected to pay for these moves. Minimum $120 Million in “golden parachute” payouts.
Engadget recommends only products that have been reviewed by our editorial staff. This is independent from our parent company. Some stories may contain affiliate links. Affiliate commissions may be earned if you make a purchase through any of the links. All prices correct as of the date of publication.
