Twitter’s new owner Elon Musktook action for new layoffs.
According to the news in Reuters, while Elon Musk fired senior executives to avoid high severance pay, he launched layoffs to avoid stock grants due on November 1.
Elon Musk Changes His Layoff Plans
Elon Musk , while it was still in the process of acquiring Twitter, was planning to lay off about 75 percent of its staff. Stating that there will be no layoffs in a range, Musk changed his plans.
Musk was first named Twitter CEO after officially acquiring Twitter on Thursday. Parag Agrawal, Financial Director Ned Segaland head of legal affairs and policy Vijaya Gadde He dismissed him. Musk accused these people of misleading him and Twitter investors about the number of fake accounts on the platform. According to research firm Equilar, executives would receive a total of $122 million in separation payments.
Reuters reported that Musk had ordered company-wide layoffs, with some teams ordering more layoffs than others. It also reported that the layoffs will occur before November 1, when employees plan to receive stock grants.
