Following his $44 billion acquisition, Elon Musk intends to lay off nearly 3,700 employees at Twitter Inc., as per a report. This sacking of 50 per cent of Twitter's workforce is reportedly an attempt to cut down expenses.
According to a report by Bloomberg, Twitter's new owner is expected to inform concerned employees on Friday and also plans to alter Twitter’s work-from-anywhere policy. However, there is also some hope for exceptions.
Several possibilities of employee layoffs and other policy changes have been considered by Musk and a team of advisers, as per the report. It also adds that there is a possibility that laid-off employees may get compensation for 60 days.
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Ever since Elon Musk took over Twitter, he immediately fired most of the team’s top executives, including Chief Executive Officer Parag Agrawal, Ned Segal and Senior Legal Staffers Vijaya Gadde and Sean Edgett. As per media reports, other layoffs in the days that followed included Vice President of global client solutions Jean-Philippe Maheu, Chief Customer Officer Sarah Personette, and Chief Marketing Officer Leslie Berland. However, Outlook could not independently verify these details.
In his profile on the social network, Musk titled himself "Chief Twit". He would act as the temporary CEO himself and appointed himself the sole director of the corporation and disbanded the board, later claiming that it was "only temporary."
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The product team's senior members have reportedly been instructed to aim for a 50 per cent workforce reduction. The layoff lists were created and ranked based on employees’ contributions to Twitter's code while they were employed by the company. As per the report, the lists were examined by engineers and director-level staff at Tesla Inc., the automaker is also led by Elon Musk.
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