Elon Musk Fires Twitter CEO and Lays Off Staff
Elon Musk Fires Twitter executives and starts layoffs of employees after taking over the new owner of Twitter. Elon Musk, the new owner of Twitter, has started a wave of layoffs at the social media company. The move comes as Musk looks to cut costs and streamline the business.
Musk acquired Twitter in a deal worth $44 billion earlier this year. Since then, he has been working to make changes at the company. This includes firing several high-level executives and making other changes to the way the company is run.
Now, Musk is turning his attention to cutting costs. He has asked all departments to cut their budgets by 20%. This will likely lead to job cuts across the company.
Musk is also said to be considering other cost-saving measures, such as reducing the number of contractors that Twitter uses.
These changes come as Twitter faces increasing pressure to grow its business. The company has struggled to attract new users and keep them engaged. This has led to concerns that Twitter may never be able to reach the level of success of other social media companies.
Despite these challenges, Musk remains confident in Twitter’s potential. He believes that the company can be a major force for good in the world and is committed to making it a success.
Elon Musk Fires Executives
Shortly after gaining control of Twitter, Elon Musk fired Twitter’s CEO Parag Agrawal, CFO Ned Segal, and Twitter’s legal and policy head Vijaya Gadde, following the completion of a $44 billion deal to buy out one of the world’s largest social media platforms.
Musk accused the executives of misleading him during the buyout process, potentially deceiving Twitter investors, and possibly hiding the number of fake accounts that were on the platform. The fake accounts issue make headlines for months prior to the buyout and triggered a legal battle between Musk and Twitter before finally settling on completing the buyout.
The Information reported that Elon Musk fired four top Twitter executives, Segal, Agrawal, and Segal “for cause”, according to unidentified sources familiar with the matter. This was apparently in an effort to avoid stock options and severance pay.
There is no word yet if the executives plan to seek legal action over the firings.
Musk allegedly fired the top Twitter executives to avoid large severance payments. He also planned to lay off other employees as soon as Saturday in order to avoid the stock grants due on Nov. 1.
Cost-Cutting Measures Hit Twitter
It looks like Musk has ordered job cuts company-wide. This may include engineering teams, platform moderation teams, and more. Layoffs would occur before November 1, when stock grants were due to begin for employees. This could be a part of Elon Musk’s plan to cut costs and reorganize the company to become more efficient and profitable.
Update: After initial reports of Musk laying off staff to avoid payouts, Reuters reports that Musk denies these claims.
