Elon Musk has ordered company-wide layoffs at Twitter, according to The New York Times. On Saturday, the SpaceX and Tesla executive reportedly told managers to begin drawing up lists of employees to cut. Twitter did not immediately respond to Engadget’s request for comment.
The Times could not determine how much of Twitter’s workforce Musk plans to let go – though some teams will be more affected than others. Before completing his $44 billion takeover of the company, Musk reportedly told investors he planned to lay off as much as 75 percent of Twitter’s 7,500-person strong workforce. In meeting with staff, Musk is said to have told employees he wouldn’t cut the company’s headcount so dramatically.
The forthcoming layoffs are likely to occur before November 1st. The timing may give Musk the opportunity to avoid paying out stock grants to outgoing workers. According to The Times, such payouts “typically represent a significant portion” of an employee’s pay. While Musk has shared some details about what moderation on the platform could look like under his watch, he’s been less forthcoming about his plans for the company’s workforce. On Saturday, he spent most of the day tweeting about food.
Musk has already cut part of Twitter’s leadership team, firing CEO Parag Agrawal and Chief Financial Officer Ned Segal on the day he took ownership of the company. According to The Guardian, those moves are expected to cost Musk at least $120 million in “golden parachute” payouts.
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