— Elon Musk allegedly laid off former Twitter executives to avoid a $200 million compensation payout.
— Twitter employees are to expect widespread job cuts across the company.
Elon Musk reportedly moving to layoff several Twitter employees after firing executives to avoid scheduled November payouts. According to a New York Times report, the tech boss began the job cuts on Saturday.
The story is the latest on the Elon Musk-Twitter saga that has been going for months and taking on a new tune, now that the billionaire has officially taken over the company.
Sources familiar with the situation within the company claimed that the four executive employees that Musk first removed, including former CEO Para Agrawal, would have been entitled to a total of $200 million, had they stayed on until November, according to a CNN report.
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However, Musk, who has taken it upon himself to dispel untruths against him and his new company, Twitter, denied the reports.
This is false
— Elon Musk (@elonmusk) October 30, 2022
Meanwhile, Courtney Yu, Director of research at Equilar, a company that analyses and benchmarks executive and director compensation, claimed that the executives would still receive the bonus because their termination was due to other reasons besides a justifiable cause. “…cause in these cases usually being that they broke the law or violated company policy,” Yu yold Reuters.
Besides the four executives, there will also be alleged job cuts throughout the company and across divisions. Although, it is less likely that these would amount to 75% of the former employees losing their jobs.
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