It’s starting! Elon Musk, the new CEO of Twitter is all set to lay off employees, in preparation for draw up lists
Since acquiring Twitter, Elon Musk has done many things. From removing the executives to creating an open platform for all. Another such move came after Elon Musk ordered some officials to begin the process of laying off employees at Twitter.
According to reports, some managers were asked to prepare draw up lists of employees for the process to begin smoothly and efficiently.
The scale of layoffs:
It is unknown how big the layoff will be. At present, there are 7500 employees on Twitter. The employees who will be cut from their jobs will be given stock grants as their compensation. The stock grants represent a portion of employees’ pay.
According to the merger agreement Elon is supposed to pay twitter employees with cash in place of stocks. The Twitter layoffs are scheduled for November 1 as per the reports.
November 1st is the same date when the employees are given stock grants which used to be their bonus or significant pay. This means that Elon Musk will not have to pay the grants since they will be terminated before the date itself. However, he may have to pay if the employees strike against him as per the merger agreement.
Some departments will be more affected than others. As per previous reports, Musk wanted to cut down 75% of the Twitter workforce, but soon after he rethought it when he visited the headquarters carrying a sink, just to title it “Let it sink!” on Wednesday.
Since his arrival, he has been trying to change every possible thing and alter the overall system of Twitter by creating a completely new platform for people worldwide. He acquired twitter at $44 billion on Thursday. He was able to complete the deal with the support of his co-investors and several banks.
World is running in two ways with people commenting on how these moves will help Twitter to grow as a platform in the coming future, and on the other side, people are worried about how all these will create hate speech and misinformation.
Some people with knowledge spoke out that Musk has been testing some engineers by assigning them different tasks. One such task assigned was changing Twitter’s login screen. Some engineers even stayed late at night to complete the assigned assignments.
It’s unclear what Elon Musk is planning to do with Twitter but he recently tweeted that he wants “a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence.”
