Elon Musk, the new owner of Twitter, took action for new layoffs.
According to the news in Reuters, while Elon Musk fired senior executives to avoid high severance pay, he launched layoffs to avoid stock grants due on November 1.
Elon Musk Changes His Layoff Plans
Elon Musk was planning to lay off about 75 percent of his staff while he was still in the process of acquiring Twitter. Stating that there will be no layoffs in a range, Musk changed his plans.
Musk first fired Twitter CEO Parag Agrawal, Chief Financial Officer Ned Segal, and head of legal and policy Vijaya Gadde after officially acquiring Twitter on Thursday. Musk accused these people of misleading him and Twitter investors about the number of fake accounts on the platform. According to research firm Equilar, executives would receive a total of $122 million in separation payments.
Reuters reported that Musk had ordered company-wide layoffs, with some teams ordering more layoffs than others. It also reported that the layoffs will occur before November 1, when employees plan to receive stock grants.
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