Layoffs come on Twitter. They can be issued until November 1st.
According to The New York Times, Elon Musk has already ordered the dismissal of Twitter employees. The American multibillionaire is said to have asked managers to start preparing lists of employees to be laid off. The company did not wish to respond to Engadget’s inquiries about this.
Twitter faces layoffs
The Times was unable to determine how much of the payroll is affected by this wave of layoffs, but some teams will be hit harder than others. Before completing the $44 billion takeover of the company, Elon Musk told investors that he intends to part with at least 75% of Twitter’s 7,500-person payroll. During a meeting with the teams, Elon Musk finally said that he did not want to part with so many employees.
They can be issued until November 1st.
These layoffs must be completed by November 1st. This time could give Elon Musk an opportunity to avoid allocating shares to outgoing employees. According to The Times, such allowances “usually make up a significant portion”of a worker’s wages. While Elon Musk has shared some details about what moderation under his leadership might look like, he has been much more evasive about his plans for a payroll team.
Elon Musk has already parted ways with Twitter leadership, firing CEO Parag Agrawal and CFO Ned Segal on the same day he took over the company. These initiatives are expected to cost the American multi-billionaire at least $120 million in golden parachutes, according to The Guardian.