Twitter’s new proprietor Elon Musk has denied a New York Occasions report about shedding Twitter staff at a date sooner than November 1 to keep away from inventory grants due on the day.
In a response to a Twitter person asking in regards to the layoffs, Musk tweeted: “That is false.”
The New York Occasions reported on Saturday that Musk has ordered job cuts throughout the corporate, with some groups to be trimmed greater than others and that layoffs would happen earlier than Nov. 1 date, when staff have been scheduled to obtain inventory grants as a part of their compensation.
Citing unidentified individuals conversant in the matter, the Occasions reported the cuts may start as quickly as Saturday.
In keeping with media experiences on Saturday, Musk fired high executives in an effort to keep away from hefty severance payouts, whereas lining up different layoffs as quickly as Saturday.
Musk fired Twitter Chief Government Parag Agrawal, Chief Monetary Officer Ned Segal and authorized affairs and coverage chief Vijaya Gadde on completion of a high-profile $44 billion buyout of the social media platform on Thursday, individuals conversant in the matter informed Reuters.
He had accused them of deceptive him and Twitter traders over the variety of pretend accounts on the platform. In keeping with analysis agency Equilar, the executives stood to obtain separation payouts totaling some $122 million.
Citing unidentified individuals conversant in the matter, The Info reported that Elon Musk terminated 4 high Twitter executives, together with Agrawal and Segal “for trigger,” in an obvious effort to keep away from severance pay and unvested inventory awards.
In a tweet on Saturday LightShed analyst Wealthy Greenfield stated Musk fired high Twitter execs “for trigger,” stopping their unvested inventory from vesting as a part of a change of management.
Twitter didn’t instantly reply to Reuters’ request for remark.
Reuters wasn’t instantly in a position to contact the fired executives.
Director of analysis at Equilar Courtney Yu informed Reuters on Friday that the fired executives “must be getting these (severance) funds except Elon Musk had trigger for termination, with trigger in these instances normally being that they broke the regulation or violated firm coverage.”