Elon Musk is already laying off Twitter employees, he wants to do it before he has to pay them stock benefits, according to the NYT

Update: Elon Musk He published on Twitter a terse message that the news is fake, so the layoffs won’t happen before November 1.

Last Thursday, 27.10, Elon Musk finally acquired Twitter, for a value of 44,000 million dollars. After the purchase, one of his first actions was to fire former CEO Parag Agrawal, as well as CFO Ned Segal and Chief Policy Officer Vijay Gadde.

Now, thanks to a report from The New York Times (NYT), it was announced as ordered by the current owner of the social network start cutting staff within Twitter, starting Saturday, October 29th, just two days after purchase.

The NYT notes that four people with knowledge of the matter revealed that Musk had been cajoling some of the managers compile lists of employees who will be firedwhich has affected some specific teams, although the total number of cuts is unknown at this time.

Interest in starting cuts

This action, relatively quick after the acquisition, would be motivated by the agency, so that all layoffs are carried out before November 1, the date on which the employees were assigned receive equity grants As part of your compensation, they represent a significant part of your salary.

Twitter

Image: Souvik Banerjee on Unsplash

However, if he manages to fire them before this date, Musk could avoid payment subsidies.

The new owner of Twitter also assesses this other parts of the deck should be kept or trimmed. One of his last updates in this section was to emphasize that this was planned form a council who can answer questions about the content, as well as point it out he wouldn’t come back right away users who are excluded for various reasons, such as Donald Trump.

Image: Steve Jurvetson

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