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New Twitter owner Elon Musk He plans to start laying off employees at the social media giant, according to a media report, days after completing the $44 billion acquisition of the company.
The New York Times reported that Musk “plans to begin laying off workers” on Twitter as soon as Saturday.
Read also | Elon Musk fires 75% of Twitter employees? That’s what he said
Citing people familiar with the situation, the report said that some managers have been asked to “prepare lists of employees to be removed.” Prior to Musk’s acquisition of Twitter, reports spread that he would cut staff, with some reports that 75 percent of the company’s workforce could be laid off.
“Musk, who completed a $44 billion deal to buy Twitter on Thursday, has ordered cuts across the company, with some teams trimming more than others,” the New York Times report said, adding that “the size of the layoff could not be determined” in the company. It employs about 7,500 employees.
The New York Times report said Twitter’s layoffs “will occur prior to the ‘November 1 date’ when employees were to receive stock grants as part of their compensation.”
These grants typically represent a significant portion of employees’ salaries. Prior to that date, “Musk may avoid paying grants.” Musk told investors he would “take Twitter private, reduce its workforce, roll back content moderation rules and find new revenue streams.”
Fresh bread and pastries are one of life’s greatest joys. Finally, the fact that carbs are amazing can be said on this platform! He wrote on Twitter on Saturday with the hashtags “Very Brave” and “Free Speech”.
Read also | Parag Agrawal expected to receive $42 million after leaving Twitter: Report
Musk said the social media company will form a “content board” and that any major content or recalculation decisions will occur after that body meets.
Twitter will form a content board with widely diverse viewpoints. Musk tweeted Friday, a day after completing his $44 billion acquisition of the social media company.
“To be very clear, we have not yet made any changes to our Twitter content moderation policies,” he added.
Chief Executive Officer Parag Agrawal, Chief Legal Officer Vijaya Jade, Chief Financial Officer Ned Segal and General Counsel Sean Edget were fired upon completion of the Musk acquisition.
Within hours of taking office, the Tesla CEO posted a series of tweets.
“Bird is released,” “spoiler alert. Let the good times roll,” “Live the dream. Comedies are now legal on Twitter.”
Agrawal, 38, was appointed CEO of Twitter in November last year after the social network’s co-founder Jack Dorsey stepped down.
As former US President Donald Trump’s Twitter account was permanently suspended in January last year, Hyderabad-born Jade was at the forefront of this dramatic decision made within days of an attempted mutiny by Trump supporters in the US Capitol.
Twitter co-founder Biz Stone thanked Agrawal, Segal and Gadde for their “enormous contribution” to the work.
“Thanks to paraga, vijaya and nedsegal for collectively contributing to Twitter. Awesome talent, all, and beautiful humans!” Stone tweeted.
Musk arrived at the company’s San Francisco headquarters on Wednesday and met with engineers and advertising executives.
He also updated his Twitter description to “Chief Twit”. The billionaire has promised to transform Twitter by relaxing the rules for moderating the service’s content, making its algorithm more transparent and nurturing the subscription business, as well as laying off employees.
In April, Twitter accepted Musk’s proposal to buy the social networking service and make it private.
However, Musk soon began raising doubts about his intentions to pursue the agreement, claiming that the company had failed to adequately disclose the number of spam and fake accounts on the service.
When Musk said he had terminated the deal, Twitter sued the billionaire, claiming that he “refuses to meet his obligations to Twitter and its shareholders because the deal he signed no longer serves his personal interests.” Earlier in October, Musk said he wanted to pursue his Twitter acquisition at the original $54.20 per share price if the social messaging service dropped the litigation.
Twitter’s lawyers said, “The Tesla CEO’s proposal is a call for more mischief and delay.” A Delaware Chancery District Court judge ultimately ruled that Musk has until October 28 to either support the Twitter deal or go to trial.
On Thursday, Musk wrote a letter to assure advertisers that social messaging services would not turn into a “free-for-all arena, where anything can be said without consequences!” “The reason why I take over Twitter is that it is important for the future of civilization to have a shared digital city arena, where a wide range of beliefs can be discussed in a healthy way, without resorting to violence,” Musk said in the letter.
“There is currently a huge risk that social media will split into the far right and far left echo chambers that generate more hate and divide our society,” he added.
(with input from PTI)
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