The layoffs are coming to Twitter. These could be formalized before November 1st.
If we are to believe The New York Times, Elon Musk has reportedly already ordered a number of layoffs across the Twitter business. The American multi-billionaire is said to have asked managers to start preparing lists of employees to be fired. The company did not wish to respond to requests from Engadget on the subject.
Layoffs are coming to Twitter
The Times was unable to determine what proportion of the payroll is affected by this wave of layoffs – but some teams will be more affected than others. Before finalizing his $44 billion takeover of the company, Elon Musk told investors he intended to part with no less than 75% of Twitter’s payroll, made up of 7,500 people. During a meeting with the teams, Elon Musk finally declared that he did not want to part with so many employees.
These could be formalized before November 1
These dismissals should be formalized before November 1. This timing could give Elon Musk the opportunity to avoid distributing shares to departing employees. According The Times, such allowances “usually represent a significant portion” of an employee’s pay. Although Elon Musk shared some details about what moderation might look like under his leadership, he was much more evasive about his plans for the salary team.
Elon Musk has already parted ways with part of Twitter’s management team, firing CEO Parag Agrawal and CFO Ned Segal the same day he took over the company. According The Guardianthese initiatives are expected to cost the American multi-billionaire at least $120 million in “golden parachutes”.