California: Days after Taking Twitter, its chief Elon Musk is likely to begin layoffs, according to a media report circulated days after he closed the USD 44-billion acquisition of the micro-blogging company.
The New York Times reported that Tesla chief “planned to begin laying off workers” at Twitter as soon as on Saturday.
The report, citing people with knowledge of the situation, said that some managers were being asked to ‘draw up lists of employees to cut’.
“Musk, who completed a USD 44-billion deal to buy Twitter on Thursday, has ordered the cuts across the company, with some teams to be trimmed more than others,” the NYT report said, adding that the “scale of the layoffs could not be determined” at the company, which has around 7,500 employees.
The NYT report further stated that the layoffs at Twitter “would take place before” the November 1 date when “employees were scheduled to receive stock grants as part of their compensation.
It is said that such grants typically represent a significant portion of employees’ pay. By laying off workers before that date,” Musk “may avoid paying the grants.”
As per reports, Musk told investors that he ‘would take Twitter private, reduce its work force, roll back its content moderation rules and find new revenue streams’.
“Fresh baked bread & pastries are some of the great joys of life. Finally, the truth that carbs are amazing can be said on this platform!” with the hashtags “so brave” and “free speech,” Musk tweeted on Saturday.
“Twitter will be forming a content moderation council with widely diverse viewpoints. No major content decisions or account reinstatements will happen before that council convenes,” Musk tweeted on Friday, a day after he completed the USD 44 billion-dollar acquisition of the social media company.
“To be super clear, we have not yet made any changes to Twitter’s content moderation policies,” he added.