Elon Musk Will Start Leaving Almost Half of Twitter’s Staff: Report
A week after billionaire entrepreneur Elon Musk acquired Twitter, layoffs at the social media company are expected to continue on Friday with nearly half of Twitter’s 7,500 employees set to lose their jobs, according to a press release. The New York Times, citing a company-wide email, reported that Musk “will start laying off Twitter employees on Friday”, a week after he completed the $44 billion (roughly Rs. 3,62,300 crore) acquisition of the social media company. . and fired CEO Parag Agrawal, chief legal officer Vijaya Gadde, Chief Financial Officer Ned Segal and General Counsel Sean Edgett.
according to a reports According to the New York Times, Twitter employees were notified by email that the layoffs are about to begin and “employees have been ordered to go home and not return to the office on Friday as the layoffs continue.” “In an effort to put Twitter on a healthy path, we will be going through a difficult process of reducing our workforce worldwide,” the email said, according to the report. “We recognize that this will impact a number of people who have made significant contributions to Twitter, but this action is unfortunately necessary to ensure the success of the company going forward.” The report added that employees saw a Slack message that suggested “3,738 people” could be laid off and changes could still be made to the roster.
While it is not clear what the exact number of layoffs will be, it is estimated that “about half of Twitter’s employees appear to be out of a job.” Musk announced and showed plans to bring radical changes to Twitter and Twitter, including charging $8 (roughly Rs. 660) a month for a blue verification mark in front of a username that proves the authenticity of a person or company on the social media platform.
Twitter’s ‘Days Off’, which are monthly days that employees can take to rest and recharge, have been removed from their calendars.
Rumors of layoffs at Twitter have been swirling for some time and following Musk’s acquisition, Twitter executives were asked to “draw up a list of high-performing and underperforming employees, who may be looking at job cuts”, the report said.
Ahead of the upcoming layoffs, some workers distributed a “Layoff Guide” with tips on corporate oversight and employment rights, the report said. Another employee, who built software to help colleagues download important emails and documents, was later fired.
The report added that under the terms of his agreement to acquire Twitter, Musk agreed to retain employee compensation and similar benefits for one year. “Twitter employees are typically paid at least two months’ salary and the amount of equity they were scheduled to receive within three months of the layoff date,” the NYT report said.