Billionaire Elon Musk acquired the social media platform Twitter last week and is planning to lay off a quarter of its workers in the first round of lay off, reported Washington on Monday (October 31). The layoff conversations were led by Celebrity lawyer Alex Spiro, a long-time Musk legal representative, says the report.
The microblogging platform has over 7,000 employees at the end of 2021, as per regulatory filing and about 2,000 employees will now lose their jobs. Elon Musk denied the reports of layoff till November 1 to avoid stock grants due on the day. There has been no official statement from Twitter as of now.
Read: Meet Sriram Krishnan, the Indian-origin techie advising Elon Musk on Twitter changes
Musk fired Twitter Chief Executive Parag Agrawal, Finance Chief Ned Segal and Legal Affairs and Policy Chief Vijaya Gadde on completion of a six-month $44 billion buyout saga of the social media platform on Thursday, sources told Reuters.
Musk became the sole director of the social media company after the removal of all nine other board members, in accordance with the terms of the merger agreement, a securities filing showed. India-origin techie, Sriram Krishnan has been appointed to advise Musk on the initial changes that are going to be introduced on Twitter.
(With inputs from Reuters)
