Elon Musk has started planning to lay off employees after taking charge of the social media platform, Twitter. According to a person with knowledge of the situation, the multi billionaire businessman, who finalised his $44 billion acquisition on Thursday, has instructed management to compile a list of team members who may be let go. The person discussing intimate talks wished to remain anonymous.
"Musk, who completed a USD 44-billion deal to buy Twitter on Thursday, has ordered the cuts across the company, with some teams to be trimmed more than others," the NYT report said, adding that the "scale of the layoffs could not be determined" at the company, which has around 7,500 employees.
Such grants typically represent a significant portion of employees' pay. By laying off workers before that date," Musk "may avoid paying the grants." Musk has told investors that he "would take Twitter private, reduce its workforce, roll back its content moderation rules and find new revenue streams." "Fresh baked bread & pastries are some of the great joys of life. Finally, the truth that carbs are amazing can be said on this platform!" with the hashtags "so brave" and "free speech," he tweeted on Saturday.
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According to Musk, the social media business would establish a "content moderation council," and big content judgments or account reinstatements won't take place before the group meets.
"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," Musk tweeted on Friday, a day after he completed the USD 44 billion-dollar acquisition of the social media company.
"To be super clear, we have not yet made any changes to Twitter's content moderation policies," he added.
As Musk's acquisition was finalised, the CEO Parag Agrawal, legal executive Vijaya Gadde, chief financial officer Ned Segal, and general counsel Sean Edgett were fired.
The Tesla CEO started tweeting shortly after assuming control of Twitter.
"The bird is freed", "Spoiler Alert. Let the good times roll", "Living the Dream. Comedy is now legal on Twitter".
Musk arrived at the company's headquarters in San Francisco on Wednesday and had been meeting with engineers and advertising executives.
