Elon Musk, the new owner of Twitter, has announced plans to start laying off employees and has reportedly asked some managers to compile names of those who will be let go.
After taking control of Twitter, Musk ordered the layoffs on Saturday (October 29, 2022) to be made in the company which has 7,500 employees – with some teams to be trimmed more than others, reports the New York Times.
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According to the report, Musk told investors that he planned to take Twitter private, reduce staff, loosen content moderation standards, and look for new revenue sources. The number of layoffs, however, was not known.
Employees were expected to receive stock grants as part of their remuneration, according to the NYT story, and the layoffs may occur before November 1.
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While the merger agreement compels him to give the employees cash instead of their shares, it also stated that Elon Musk may avoid paying the grants by firing Twitter employees before to the deadline.