27 Nov 2022, 6:22 AM (GMT)

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Elon Musk To Begin Twitter Job Cuts Before Tuesday

The new owner of Twitter, Elon Musk, planned to begin laying off workers as soon as Saturday, four people with knowledge of the matter said, with some managers being asked to draw up lists of employees to cut.

The New York Times reports that Mr. Musk, who completed a $44 billion deal to buy Twitter on Thursday, has ordered the cuts across the company, with some teams to be trimmed more than others, said three of the people, who declined to be identified for fear of retaliation. The scale of the layoffs could not be determined. Twitter has around 7,500 employees.

Reports of layoffs at Twitter have swirled since Mr. Musk agreed to buy the company in April. The billionaire, who also leads the electric carmaker Tesla and the rocket company SpaceX, has told investors that he would take Twitter private, reduce its workforce, roll back its content moderation rules and find new revenue streams.

The layoffs at Twitter would take place before a Nov. 1 date when employees were scheduled to receive stock grants as part of their compensation. Such grants typically represent a significant portion of employees’ pay. By laying off workers before that date, Mr. Musk may avoid paying the grants, though he is supposed to pay the employees cash in place of their stock under the terms of the merger agreement.

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