By Chris King • 30 October 2022 • 1:50
Image of billionaire businessman Elon Musk.
Credit: Kathy Hutchins/Shutterstock.com
According to a report on Saturday, October 29, Elon Musk, the new owner of Twitter is believed to be ready to cut a large number of the company’s employees. The Tesla and Space X boss will allegedly carry out this cull in order to prevent the workers from receiving stock grants which are due on November 1.
Musk completed his takeover of the social media giant last Thursday 27, and the 51-year-old billionaire immediately fired Twitter’s CEO Parag Agrawal, chief financial officer Ned Segal, policy head Vijaya Gadde, and general counsel, Sean Edgett.
Twitter staff had been waiting with bated breath ever since Musk stated in a securities filing last April 14 that he intended to get rid of at least 75 per cent of the tech giant’s workforce if he bought the company. At the time, he also voiced his lack of confidence in the company’s management.
As reported by the New York Times, as part of their annual compensation package, many Twitter employees expected to receive stock grants on November 1. Should Musk fire them prior to that date then he will avoid having to make the grants.
There are currently around 7,500 people employed by Twitter and it is believed that Musk wants to get rid of an as-yet unspecified number. According to four sources of the NYT, some of the company’s managers are thought to have been requested by Musk to draw up lists of who they think should be cut.
Twitter’s lawyer, Vijaya Gadde, was one of those fired by the new boss. When it came to light that she was the person behind a decision to squash links to a story about Hunter Biden’s incriminating laptop prior to the 2020 presidential elections, Musk slammed her publicly. She responded by being very vocal with criticism of her future boss.
Gadde will not suffer so much from her dismissal though. According to MarketWatch, she will leave with a payout of around $72million in stocks that she owned, as well as her salary and benefits. Agrawal, the former CEO will walk away with $66million and Segal is due to pick up $65million.
Elon Musk is expected to take on the role of temporary acting CEO until replacements are found for the top jobs at his new asset. His close friend Kanye West was one of the first banned users to be reinstated to the platform on Friday 28. It remains to be seen whether the likes of Donald Trump will also be allowed back on the platform, as reported by dailymail.co.uk.
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Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news.
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