Elon Musk allegedly ordered layoffs on Twitter
Elon Musk has ordered company-wide layoffs at Twitter, according to The New York Times. On Saturday, the SpaceX and Tesla executive reportedly told managers to start drawing up lists of employees to cut. Twitter did not immediately respond to Engadget's request for comment.
The Times could not determine how much of Twitter's workforce Musk plans to lay off, though some teams are more affected than others. Before completing his takeover of the company for $44 billion, Musk reportedly told investors he planned to lay off up to 75% of Twitter's 7,500 employees. During a meeting with staff, Musk reportedly told employees that he would not be reducing the company's workforce so drastically.
Upcoming layoffs are expected to occur before November 1. The timing may give Musk the chance to avoid making equity grants to outgoing workers. According to The Times, these payments "typically make up a significant portion" of an employee's salary. While Musk shared some details about what moderation might look like on the platform under his leadership, he was less forthcoming about his plans for the company's workforce. On Saturday, he spent most of Saturday tweeting about food.
Musk has already cut part of Twitter's management team, firing CEO Parag Agrawal and CFO Ned Segal the day he took over the company. According to The Guardian, these moves are expected to cost Musk at least $120 million in “golden parachute” payments.
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Elon Musk has ordered company-wide layoffs at Twitter, according to The New York Times. On Saturday, the SpaceX and Tesla executive reportedly told managers to start drawing up lists of employees to cut. Twitter did not immediately respond to Engadget's request for comment.
The Times could not determine how much of Twitter's workforce Musk plans to lay off, though some teams are more affected than others. Before completing his takeover of the company for $44 billion, Musk reportedly told investors he planned to lay off up to 75% of Twitter's 7,500 employees. During a meeting with staff, Musk reportedly told employees that he would not be reducing the company's workforce so drastically.
Upcoming layoffs are expected to occur before November 1. The timing may give Musk the chance to avoid making equity grants to outgoing workers. According to The Times, these payments "typically make up a significant portion" of an employee's salary. While Musk shared some details about what moderation might look like on the platform under his leadership, he was less forthcoming about his plans for the company's workforce. On Saturday, he spent most of Saturday tweeting about food.
Musk has already cut part of Twitter's management team, firing CEO Parag Agrawal and CFO Ned Segal the day he took over the company. According to The Guardian, these moves are expected to cost Musk at least $120 million in “golden parachute” payments.
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you purchase something through one of these links, we may earn an affiliate commission. All prices correct at time of publication.
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