Elon Musk denies studies he’s firing Twitter staff to keep away from $100 million payout

Elon Musk has denied studies that he’s shedding Twitter staff at a date sooner than November 1 in an try and keep away from $100 million payout.

New Delhi ,UPDATED: Oct 31, 2022 10:24 IST

Elon Musk formally owns Twitter (Image: AFP)

By India Today Web Desk: Twitter’s new proprietor Elon Musk has denied media studies about shedding Twitter staff at a date sooner than November 1 in an try and keep away from $100 million payout.

In a response to a Twitter person asking in regards to the layoffs, Musk tweeted: “This is false.”

On Saturday, The New York Times reported that Musk has ordered job cuts throughout the corporate, with some groups to be trimmed greater than others and that layoffs would happen earlier than November 1 date, when staff have been scheduled to obtain inventory grants as a part of their compensation, Reuters reported.

Citing unidentified folks acquainted with the matter, the Times reported the cuts may start as quickly as Saturday, the information company reported.

Also Read: On Day 1, Elon Musk fires Twitter CEO Parag Agrawal, coverage chief Vijaya Gadde

Musk started his journey in Twitter by firing some prime executives whom he accused of deceptive. Twitter CEO Parag Agrawal, the corporate’s authorized head Vijaya Gadde, Chief Financial Officer Ned Segal have been the primary executives Musk terminated as quickly as he took over.

After buying Twitter, Musk additionally put out a tweet saying, “the bird is freed”. Musk had expressed his want to make Twitter a free platfrom so by means of his tweet, he expressed that the “bird”, which is Twitter’s brand. is freed.

Also Read: After firing prime execs, Elon Musk may block $100 million payout to Twitter staff: Report

Citing unidentified folks acquainted with the matter, The Information reported that Elon Musk terminated 4 prime Twitter executives, together with Agrawal and Segal “for cause,” in an obvious effort to keep away from severance pay and unvested inventory awards, the information company reported.

In a tweet on Saturday, LightShed analyst Rich Greenfield stated Musk fired prime Twitter execs “for cause,” stopping their unvested inventory from vesting as a part of a change of management, stated the information company.

Director of analysis at Equilar Courtney Yu instructed Reuters on Friday that the fired executives “should be getting these (severance) payments unless Elon Musk had cause for termination, with cause in these cases usually being that they broke the law or violated company policy.”

(With enter from Reuters)

Also Read: Layoffs are coming as Elon Musk takes management of Twitter: Report

Edited By:

Devika Bhattacharya

Published On:

Oct 31, 2022