Informed sources reported that Elon Musk plans to start laying off employees at Twitter, starting Saturday, and some managers have asked to prepare lists of employees who will be laid off.
There are three people, who declined to be identified for fear of harm, that Musk, who last Thursday completed a $44 billion deal to buy Twitter, ordered layoffs from all departments of the company, with the proportion in some departments being more than others. It is not yet known how many employees will be laid off, but Twitter currently has about 7,500 employees.
Reports of layoffs have spread since Musk agreed to buy Twitter last April, and the billionaire, who also heads electric car maker Tesla, and rocket company SpaceX, told investors that he would turn Twitter into a private company, reduce its workforce, and decline About the rules of content control, it will find new revenue modalities.
It is believed that the layoffs will take place before November 1, which is the date that employees are due to receive stock grants as part of their compensation. These grants usually represent a significant portion of employees’ salaries. By laying off employees before that date, Musk may avoid paying those bonuses, however, he must pay the employees cash instead of their stock under the terms of the acquisition.
Once Musk took ownership of Twitter last Thursday, he moved quickly and fired the company’s CEO, CFO, and a number of other officials. He also appealed to advertisers, who provide the bulk of Twitter’s revenue, promising that the platform would be a respected media destination.
Although Musk may rush to lay off employees, he stressed that he will slow down on other problems, such as: determining which posts to follow and removing them from the site. While he had previously promised to bring back banned users, including former US President Donald Trump, he made it clear on Friday that such changes would not happen immediately, announcing instead that he plans to set up a board to deal with content issues and won’t reinstate banned users before it looks. where the council.
