Elon Musk plans to lay off employees at Twitter, according to a media report, days after he completed the $44 billion acquisition of the $44 billion social media company.
NewsMadura reported on Twitter that Musk “planned to lay off employees starting Saturday”.
Citing those with knowledge of the situation, the report said some managers were asked to “create lists of employees to be cut”. Prior to Musk’s takeover of Twitter, reports circulated that he would cut the workforce, with some reports saying 75 percent of the company’s workforce could be laid off.
Musk, who struck a $44 billion deal on Thursday to buy Twitter, has ordered the company-wide austerity cuts, requiring some teams to be cut more than others. size of the layoffs could not be determined” at the company, which has about 7,500 employees.
The NYT report said the layoffs at Twitter “would occur before” the Nov. 1 date, when “employees were scheduled to receive stock grants as part of their compensation.
Such subsidies usually represent a significant proportion of workers’ wages. By firing employees before that date, Musk can “avoid the subsidies.” Musk has told investors he would “take Twitter private, cut its workforce, roll back content moderation rules, and find new revenue streams.” pastries are one of life’s great joys. Finally, the truth can be said that carbs are great on this platform!” using the hashtags “so brave” and “free speech,” he tweeted on Saturday.
Musk has said the social media company will form a “content moderation board” and that all major decisions about content or account recovery will be made after such a body is convened.
“Twitter will form a content moderation board with widely divergent views. There will be no major content decisions or account recovery before that board meets,” Musk tweeted Friday, a day after he completed the $44 billion social media acquisition. company.
“To be clear, we haven’t made any changes to Twitter’s content moderation policy yet,” he added.
CEO Parag Agrawal, legal executive Vijaya Gadde, Chief Financial Officer Ned Segal and General Counsel Sean Edgett were ousted as the Musk acquisition was completed.
Within hours of taking over Twitter rule, the Tesla CEO posted a series of tweets.
“The bird is free”, “Spoiler Alert. Bring on the good times”, “Living the Dream. Comedy is now legal on Twitter”.
Agrawal, 38, was named CEO of Twitter last November after social media site co-founder Jack Dorsey stepped down.
When former US President Donald Trump’s Twitter account was permanently suspended last January, Hyderabad-born Gadde was at the forefront of this dramatic decision made within days of the attempted insurgency by pro-Trump supporters in the United States Capitol.
Twitter co-founder Biz Stone thanked Agrawal, Segal and Gadde for their “huge contribution” to the company.
“Thank you @paraga, @vijaya and @nedsegal for the joint contribution to Twitter. Huge talents all, and wonderful people all!” Stone tweeted.
Musk arrived at the company’s San Francisco headquarters on Wednesday and met with engineers and advertising executives.
He also updated his Twitter description to “Chief Twit.” The billionaire has pledged to transform Twitter by easing the service’s content moderation rules, making its algorithm more transparent, and feeding subscription companies and firing employees.
In April, Twitter accepted Musk’s proposal to buy the social media service and keep it private.
However, Musk soon began to cast doubt on his intentions to honor the agreement, claiming that the company had not sufficiently publicized the number of spam and fake accounts on the service.
When Musk said he would end the deal, Twitter sued the billionaire, claiming he “refuses to honor his obligations to Twitter and its shareholders because the deal he signed no longer serves his personal interests.” Earlier in October, Musk said he wanted to continue his takeover of Twitter at its original price of $54.20 a share if the social messaging service dropped its lawsuit.
Twitter’s lawyers said Tesla’s CEO’s proposal is “an invitation to further doom and delay.” A Delaware Chancery Court judge ultimately ruled that Musk had until October 28 to confirm the Twitter deal or go to court.
On Thursday, Musk wrote a message to reassure advertisers that social messaging services would not degenerate into “an open hell, where anything can be said without consequences!” “The reason I took over Twitter is because it is important for the future of civilization to have a common digital city square, where a wide range of beliefs can be discussed in a healthy way, without resorting to violence Musk said in the message.
“There is currently a great danger that social media will splinter into far-right and far-left echo chambers that generate more hatred and divide our society,” he added.
(Except for the headline, this story has not been edited by NewsMadura staff and has been published from a syndicated feed.)