The company’s new owner, Elon Musk, has refuted a rumour that major layoffs will take place before November 1. The deadline of November 1 was established because, according to the article, Musk wanted to avoid paying the stock grants to sacked staff. He may be right about the comment, but it appears that major layoffs at Twitter are going to happen soon. As a result, before the end of this year, Twitter could fire thousands of employees.
After buying the business, Musk wasted no time in removing key executives like Vijaya Gadde, the policy director, and previous CEO Parag Agrawal. The CEO of Tesla is also said to have threatened to terminate the staff if they didn’t redesign Twitter’s authentication procedure by November 7. Additionally, a different rumour stated that Musk may eliminate 75% of the Twitter workers, reducing the number of employees from 7500 to 2000. Despite the fact that outlets including The New York Times, Washington Post, and The Verge reported on the subject based on internal documents and firsthand information from Twitter employees, layoff rumours persist despite his denial of them.
It’s interesting to note that Musk has criticised Twitter’s team structure. He recently stated, for instance, that “There seem to be 10 people [at Twitter]’managing’ for every one person developing.” The tweet asking “what’s the one thing that’s most messed up at Twitter right now?” prompted this reply.
According to reports, Musk promised investors that, following the acquisition, he would boost Twitter’s revenue and user base. The most apparent action would be to restructure Twitter’s employment, and Musk may have plans to lay off employees to cut operating expenses. Since he would have to provide severance and other benefits, which would put more of a strain on his present budget, there is also a potential that he won’t be laid off (for the time being). As part of their exit agreements, ousted executives like Agrawal and Gadde already need the Tesla CEO to pay millions of dollars.