Elon Musk plans massive layoffs at Twitter: Report
New York, October 30
Elon Musk has planned to begin laying off employees at Twitter, according to a media report, days after he completed the USD 44-billion acquisition of the social media company.
280-character tweet limit to go
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Citing people with knowledge of the situation, the report said some managers were being asked to “draw up lists of employees to be fired.”
Ahead of Musk’s acquisition of Twitter, reports were circulating that he would cut headcount, with some reports saying 75 per cent of the workforce could be laid off.
“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,” The New York Times report said, adding the “scale of the layoffs could not be determined” at the company, which has around 7,500 employees.
The report said the layoffs “would take place before” the November 1 date when employees were scheduled to receive stock grants as part of their compensation.
Such grants typically represent a significant portion of employees’ pay. By laying off workers before that date, Musk may avoid paying the grants.
