Twitter head Elon Musk shots down job cuts to avoid paying stock grants rumours
Twitter head Elon Musk shots down job cuts to avoid paying stock grants rumours
Tesla, SpaceX CEO Elon Musk took over Twitter last week and the first thing that he did was to fire top executives including CEO Parag Agrawal, CFO Ned Segal, and Head of Legal Policy, Trust and Safety Vijaya Gadde. After this, The New York Times reported that Musk has reportedly ordered a company-wide layoff at […] The post Twitter head Elon Musk shots down job cuts to avoid paying stock grants rumours appeared first on BGR India.
Tesla, SpaceX CEO Elon Musk took over Twitter last week and the first thing that he did was to fire top executives including CEO Parag Agrawal, CFO Ned Segal, and Head of Legal Policy, Trust and Safety Vijaya Gadde. After this, The New York Times reported that Musk has reportedly ordered a company-wide layoff at Twitter. To this, Elon Musk has clarified that the information is absolutely incorrect. Elon Musk refutes layoff rumours at Twitter It was reported that Musk has asked managers at Twitter to draw up lists of employees to fire, that too before November 1. This was apparently aimed to cut off staff from receiving stock grants as a part of their compensation. Eric Umansky, deputy managing editor of ProPublica recently shared the said The New York Times report with a caption, “Elon Musk is making sure to fire people at Twitter before part of their year-end compensation *kicks in on Tuesday.*” To this, Musk responded with three words, “This is False.” He did not give any explanation as to which part of the report or caption is he refuting. This is false — Elon Musk (@elonmusk) October 30, 2022 Umasky’s tweet also included a screenshot of the NYT report, specifying that the stock compensation makes up for a major part of the employee’s pay. However, if Musk fires people before November 1, he will avoid paying grants to these employees. For the unversed, the NYT report revealed that Musk is planning to lay off 75 percent of Twitter’s total staff by the end of this month itself. However, after officially buying the company, Musk clarified that these numbers weren’t correct. After the takeover, the new head is expected to bring about a lot of changes, including expanding the tweet word count limit from 280 characters, charging $20 per month for verification and so on. He has also hinted that soon Twitter users will be able to pick a version of the microblogging platform they like better, like a moving maturity ranking. The post Twitter head Elon Musk shots down job cuts to avoid paying stock grants rumours appeared first on BGR India.