Elon Musk is likely to begin layoffs at Twitter soon, according to a report in The New York Times. Just a few days after the Chief Twit completed the $44 billion deal of Twitter takeover, he has reportedly plans of laying off employees.
Even before this, several reports surfaced claiming the likelihood of 75 per cent Twitter workforce being sacked by Elon Musk.
Elon Musk is likely to begin layoffs at Twitter soon, according to a report in The New York Times. Just a few days after the Chief Twit completed the $44 billion deal of Twitter takeover, he has reportedly plans of laying off employees.
Citing people with knowledge of the matter, the NYT report mentions that some managers are also being asked to “draw up lists of employees to cut” for these particular layoffs. The publication adds, “Musk, who completed a USD 44-billion deal to buy Twitter on Thursday, has ordered the cuts across the company, with some teams to be trimmed more than others,” but the scale of these layoffs could not be properly determined.
Even before this, several reports surfaced claiming the likelihood of 75 per cent Twitter workforce being sacked. However, before the deal was completed, Musk went on to assure the employees that he would not do so. Now, in a major turn of events, this new report of employees’ layoffs has come up.
The NYT report also adds that these Twitter layoffs are likely to take place before November 1, a time when “employees were scheduled to receive their stock grants as part of their compensation.” However, if these Twitter employees are now sacked, there may be a situation where the billionaire Chief Twit may avoid paying these grants, as per the report.
Additionally, the new Twitter boss has also reportedly told investors that he plans to take Twitter private, reduce its workforce and roll back its content moderation rules. He would also reportedly like to explore new revenue streams for the micro-blogging platform. However, Outlook could not independently verify any of this information.
On Saturday, Musk also Tweeted, “Twitter will be forming a content moderation council with widely diverse viewpoints. No major content decisions or account reinstatements will happen before that council convenes.” This Tweet was followed by another one saying, “To be super clear, we have not yet made any changes to Twitter’s content moderation policies.”