Billionaire and Twitter’s new owner Elon Musk reportedly fired top management of the social media platform as he wanted to avoid hefty severance payouts, said media reports. The reports also hinted that Musk may be planning mass layoffs at the social media giant.
Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde on completion of a high-profile $44 billion buyout of the social media platform on Thursday.
Musk had accused them of misleading him and Twitter investors over the number of fake accounts.
Citing unidentified people familiar with the matter, The Information reported that Elon Musk terminated four top Twitter executives, including Agrawal and Segal “for cause,” in an apparent effort to avoid severance pay and unvested stock awards.
Several US mediahouses including The New York Times and the Wall Street Journal reported that Elon Musk had ordered job cuts across Twitter. According to the reports, some teams will be trimmed more than others and layoffs would take place before November 1. Employees are scheduled tp receive stock grants as part of their compensation on November 1.
Citing unidentified people familiar with the matter, the Times reported the cuts could begin as soon as Saturday.
(With inputs from agencies)
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