The world’s richest man and Twitter’s new owner Elon Musk has denied reports of him laying off employees before November 1 to avoid stocks.
This is false, he said after a user tagged him referring to the report. The New York Times on Saturday (October 29), cited that after acquiring the microblogging platform, the owner has asked managers to name the employees to be laid off.
Also read | Twitter revamping user verification process, says Musk
After his takeover, Musk immediately began working on modifying content policies and staff. The tweet read, “Twitter will be forming a content moderation council with widely diverse viewpoints. No major content decisions or account reinstatements will happen before that council convenes.”
In conversation with Reuters, sources familiar with the situation stated that Musk after his takeover fired three top executives including the CEO Parag Agarwal, CFO Ned Segal, and legal affairs and policy chief Vidya Gadde for misleading him, and the firm’s investors on Thursday.
LightShed analyst Rich Greenfield said that Musk fired top officials for a “reason,” to avoid severance pay and unvested stock awards. All three top officials’ severance sums up to nearly $122 million, research firm Equilar reported.
The Twitter deal began in April when the billionaire showed interest in buying the platform, however, in July he terminated the deal. He was sued by the social media firm. After multiple hearings and tiffs between the two-party, Musk finally agreed to buy Twitter for $54.20 per share.
Musk being in his early stage of leadership is all set to take control of the firm. After buying the firm he tweeted, “let the good time roll,” indicating free speech.
It’s been only a few days since the takeover, and the users are already in doubt about whether Musk will be able to do it or not. As per reports, many celebrities have said to leave Twitter after Musk’s takeover. Former US president Trump said that Twitter is now in “sane hands.”
(With inputs from agencies)
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