Twitter, the social media giant has just been bought by Elon Musk for 44 billion dollars. The company is said to employ around 7,500 employees and all are on tether hooks as it is said that around 50% of the workforce might be laid off. Denying the rumours, Elon Musk says that as of now, he has no plans and job cuts would not be so many.
Musk plans on streamlining the company and has said that the company would not focus on the core product and as such software engineering server operations and design will take priority. He has held meetings with select teams and fear is that the other teams may fall prey to laying off. Musk has asked his managers to make a list of people who are not required to work and can be sacked as soon as possible.
Musk wants to lay off people before 1st November to avoid stock grants which are due then. Already, he has fired four top-notch people. These top executives have been fired for a cause according to Musk. The top executives stand to get a compensation of 20 to 60 million dollars, if they are fired but if they are sacked for a cause, it prevents their invested stock from vesting a part of a change of control.
Parag Agrawal, ex-CEO, Neal Segal, ex-CFO and Vijaya Gadde, the ex-legal affairs and policy chief will have to go without their severance pay and invested stock awards if they get fired for a cause which might void their contract.
