BackTwitter: Around 2,000 employees likely to lose jobs in first round of layoffs, reports suggest
The previous reporting suggested that he’d planned to cut 75% of staffHowever, Musk assured Twitter staff last week that’s not the case
PremiumTwitter plans to fire a quarter of its workforce in its first round of layoffs. Currently, the social media platform has around 7,000 employees and a quarter of the headcount amounts to nearly 2,000 employees. This comes days after Elon Musk fired senior officials, including CEO Parag Aggarwal, on completion of the $44 billion buyout.
Celebrity lawyer Alex Spiro, a long-time Musk legal representative, led the conversations about the job cuts, Washington Post cited.
Twitter employees have been bracing for layoffs since the deal was announced in April, and Musk floated the idea of cost cuts to banking partners when he was initially fundraising for the deal. The previous reporting suggested that he’d planned to cut 75% of staff, although other reports later suggested that Musk assured Twitter staff last week that’s not the case.
The New York Times reported on Saturday that Musk has ordered job cuts across the company, with some teams to be trimmed more than others and that layoffs would take place before Nov. 1 date, when employees were scheduled to receive stock grants as part of their compensation.
Managers have been asked to draw up lists of employees who will be cut, though the number of reductions couldn’t be determined, the newspaper said.
Citing unidentified people familiar with the matter, the Times reported the cuts could begin as soon as Saturday.
Musk denied the report. In a response to a Twitter user asking about the layoffs, Musk tweeted: "This is false."
Twitter, however, did not immediately respond to a Reuters request for comment.
Previously, Bloomberg had also reported that the company has scheduled an employee meeting for the coming Wednesday, but some staff did not receive invitations, according to one of the people familiar with the matter.
Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde on completion of a high-profile $44 billion buyout of the social media platform on Thursday, people familiar with the matter told Reuters.
He had accused them of misleading him and Twitter investors over the number of fake accounts on the platform.
(With inputs from agencies)
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