Billionaire industrialist Elon Musk plans to cut many jobs at Twitter after he has finished the take-over of the company for a record 44 billion dollars.
He has asked the managers to make the list of employees to be laid off. The New York Times reported that Elon Musk has plans to lay off employees as early as this Saturday.
Elon Musk Fires Top Posts Of The Company
Those at top posts of the company were immediately fired after the multi-billion dollar acquisition. Chief Executive Officer Parag Agrawal, Chief Financial Officer Ned Segal, Vijaya Gadde, head of legal, policy, and trust, and general counsel Sean Edgett were among the top executives who got fired.
Sean Edgett was general counsel at Twitter since 2012. Elon Musk had accused them of misleading him and Twitter investors over the number of fake accounts on the Twitter platform.
Parag Agrawal and Ned Segal were at the San Francisco headquarters of Twitter when the deal was made and was soon escorted out. Musk shared a video of himself entering Twitter headquarters with a sink in his hand. He shared the video with a caption that says “Entering Twitter HQ – let that sink in!” He also updated his Twitter bio to ‘Chief Twit’ and changed location to Twitter HQ.
Job cuts will be there across the company, and some teams will face more cuts than others. The Washington Post reported Saturday that major departments that will be affected by layoffs will be legal, trust, and safety, which are the departments that oversee content moderation teams. Some staff members were invited to the staff meeting on Wednesday and some were not.
That generated speculations about which teams will be laid off. The New York Times report says that the scale of layoffs could not be determined. Many employees are said to lose their jobs at the social media giant. The process is reported to start as soon as Saturday. The company has around 7,500 employees. Some sources report that about 75 percent of the workforce will be eliminated.
Musk later dismissed the reports that the cut would be that deep, but at the same time, he has not elaborated much on his plans. The layoff at Twitter might take place before November 1. As per the New York Times report, it is when workers receive their stock awards as part of their compensation. Representatives of Twitter didn’t respond to requests to comment on mass layoffs after the take-over of Elon Musk.
After firing Parag Agrawal, Elon Musk plans to be CEO himself in the immediate term. This was according to sources closer to the matter. Elon Musk has recently pointed out his staffing priorities. He said that he wanted to focus on the core product. He tweeted in early October that software engineering, server operations, and design will be of top priority. These measures are supposed to level up the company for the coming years.
Elon Musk has some big plans for the social media platform. He said that the future needs a common digital hall to carry out healthy debate. He claimed that users can choose their own experience of preference.
Musk also pointed out that Twitter is not going to be free for all. Many features are expected to come with a price tag. For example, the platform is planning to charge for the verification blue tick.
Musk has made it clear that Twitter will now onwards be more cautious about deletions or permanent bans of users. This will open the way for many far-right activists and conspiracy theorists to come back to the platform, including Donald Trump. In short, the more exciting news is about to come from Twitter.