Twitter, which was finally bought by tycoon Elon Musk last Thursday, has everything ready to lay off one in four employees in what will be a first stage of staff cuts.
This is reported by the Washington Post quoting a person with knowledge of the subject inside the social media company.
Lawyer Alex Spiro, legal representative of Elon Musk, according to Washington Postwas one of those who participated in the decisions, according to what the report says.
As of December 2021, Twitter had approximately 7,200 employees, according to one of its latest filings with the SEC.
If the plan anticipated by the Washington Post were fulfilled, Twitter would lay off some 1,800 employees in the first stage of layoffs.
Musk this weekend denied the veracity of another report on employment on Twitter, in this case, from the New York Times. In that case, the article said that Musk’s idea was to layoff an unspecified amount before November 1 to avoid paying shares due that day.
The strategy details of Musk with employees, according to WP.
The new Twitter and its relationship with employees
Within hours of Elon Musk taking over Twitter on Thursday, October 27, he fired CEO Parag Agrawal; Ned Segal, the CFO; and Vijaya Gadde, Director of Legal Affairs and Policy.
The acquisition of Elon Musk ends Twitter’s nearly nine-year history as a Wall Street-listed company, after it went public in November 2013.
Musk, who was Twitter’s largest single shareholder before buying, said in April that he would pay for the acquisition primarily with cash, with some contributed by other investors and with $13 billion of debt.
Musk, a self-described free speech absolutist, has vowed to limit content moderation in favor of free speech.
However, that approach risks causing conflict with some advertisers, politicians and users who would prefer a more moderate platform.
In a message to advertisers posted on his account on ThursdayMusk said he bought the company to “have a common digital public square, where a wide range of opinions can be debated in a healthy way.”
He said Twitter “cannot become a free-for-all hell, where you can say anything without consequence.”
Weekend, General Motors decided to lift all the advertising it does on Twitter.
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