New York Times In an exclusive report, quoting four informed sources, he writes that Elon Musk It plans to start the process of retrenchment in Twitter from next Saturday. Apparently, Musk asked some Twitter executives to make a list of employees who should be fired from the company.
Twitter’s new leader has ordered layoffs “across the company,” the New York Times reported, citing three people who spoke on condition of anonymity because they feared retaliation from Elon Musk. In the meantime, some teams will have more layoffs than others. Twitter currently has about 7,500 employees. The scale of the layoffs at Twitter is currently undetectable.
Elon Musk, who signed a $44 billion deal with Twitter early Friday morning, denied a 75 percent layoff in a conversation with employees, but we knew layoffs were coming anyway. Since Musk agreed to take over Twitter in early 2011, we’ve heard many conflicting reports about layoffs.
Elon Musk, also known as the leader of Tesla and SpaceX, has told new Twitter investors that he will take the social network into a private company, cut the workforce and make changes to its content moderation policies.
Elon Musk asked Twitter team leaders to prepare a list of employees who should be fired
It is said that the retrenchment process at Twitter will start before November 1 (November 10). According to the previous agreements, the employees on that date are supposed to receive Twitter shares as a reward. These share buying and selling points usually account for a significant part of the employee’s salary. By firing Twitter employees before November 10th, Musk may refuse to grant stock trading privileges altogether. Of course, in any case, Musk must buy the shares that the employees have in Twitter from them in cash.
A spokesperson for Twitter and Elon Musk did not respond to The New York Times’ request for further details.
Ross GerberCEO of Gerber Kawasaki Investment Company, says that from Jared BurchalCEO of Elon Musk’s family office, heard that layoffs are imminent at Twitter: “I’ve been told that something like 50 percent of employees are going to be laid off.” Ross Gerber says his company gave Elon Musk less than $1 million to finance his takeover of Twitter.
Elon Musk entered the company’s headquarters a day before making the takeover of Twitter official and fired top executives immediately after finalizing the deal. Musk, who has previously made it clear that he hates advertising, assured advertising companies in a statement that the new Twitter will ensure brand safety.
Elon Musk is an advocate of free speech and has previously said he might loosen Twitter’s strictures. One of the expected events during Musk’s leadership, the return of the account Donald Trump is permanently blocked. Of course, Elon Musk has clearly said that no important decision will be made in this field until the content monitoring council is formed.
Twitter’s fired executives likely won’t receive millions of dollars in compensation, as expected
As the New York Times writes, it is unlikely that Elon Musk will give them the hefty compensation that Twitter’s fired executives are set to receive. Based on the terms of the contract, the managers in question (eg Parag Agrawal, CEO) in case of being “fired” they should receive compensation between 20 and 60 million dollars. Meanwhile, Elon Musk has removed the managers from their positions “for legitimate reasons”. To put it better, Elon Musk fired Twitter executives because he claimed he had a clear justification for doing so. Two people familiar with the matter told The New York Times that Elon Musk could potentially legally override parts of the contract by doing so. One of the knowledgeable people said that the managers in question include Ned Siegel (Chief Financial Manager) and Sean Edgett (head of the legal department) and Vijaya Gedde (Director of Policy) may be evaluating their next steps to prevent this from happening.
Elon Musk is said to be evaluating the expertise of Twitter engineers. Musk and his team have entrusted projects to a number of engineers to see the results of their work. One of these projects included changes to the Twitter login page. A knowledgeable source told The New York Times that “a number of employees were working until the late hours of Friday” to complete the projects in question.
Reactions to Elon Musk’s takeover of Twitter have been mixed. A number of users are very optimistic about the future of this social network, but some are worried that Elon Musk’s policies will lead to more hatred on Twitter. Even now, Twitter is a community of those who hate others and even Twitter itself. A number of users, including cinema and television activists, have said that they are no longer interested in continuing to work on this social network due to Twitter’s management changes and Musk’s leadership. It is even said that General Motors has temporarily stopped advertising on Twitter.
Some media outlets say hate speech on Twitter has increased since Elon Musk took over, as if trolls are testing Musk’s free speech policies. Research by an independent institute shows that the amount of use of a word especially related to racial insult increased by 500% 12 hours after the contract between Musk and Twitter was signed.