Elon Musk, twitter’s new owner, has refuted a New York Times report that said Twitter would fire staff before November 1 to avoid paying out stock grants on that day.
In response to a Twitter user who inquired about the layoffs, Musk wrote, “This is false.”
This is false
— Elon Musk (@elonmusk) October 30, 2022
The New York Times reported on Saturday that Musk had mandated layoffs before November 1, when workers were supposed to receive stock awards as part of their remuneration. Musk also ordered employment cuts across the company, with some teams being reduced more than others.
According to the Times, who cited unnamed persons who know the situation, the cuts may start as soon as this Saturday.
According to media sources, Musk planned additional layoffs this coming Saturday while he terminated vital employees to avoid substantial severance payments.
Musk reportedly fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal, and Chief Legal Affairs and Policy Officer Vijaya Gadde.
He had claimed that they had misled him and Twitter’s investors over the prevalence of fraudulent accounts on the site. The executives had the potential to receive parting compensation totaling almost $122 million, according to research company Equilar.
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