Elon Musk has reportedly ordered layoffs across Twitter
Elon Musk has ordered company-wide layoffs at Twitter, according to . On Saturday, the SpaceX and Tesla executive reportedly told managers to begin drawing up lists of employees to 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. Before completing his $44 billion , 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 .
The forthcoming layoffs are likely to occur before November 1st. The timing may give Musk the opportunity to avoid paying out stock grants to any outgoing workers. According to The Times, such payouts “typically represent a significant portion” of any employee’s pay.
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, those moves are expected to cost Musk in “golden parachute” payouts.
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Elon Musk has ordered company-wide layoffs at Twitter, according to . On Saturday, the SpaceX and Tesla executive reportedly told managers to begin drawing up lists of employees to 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. Before completing his $44 billion , 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 .
The forthcoming layoffs are likely to occur before November 1st. The timing may give Musk the opportunity to avoid paying out stock grants to any outgoing workers. According to The Times, such payouts “typically represent a significant portion” of any employee’s pay.
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, those moves are expected to cost Musk in “golden parachute” payouts.
Developing…
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission. All prices are correct at the time of publishing.
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