Billionaire Elon Musk denies Twitter ‘bloodbath’ information before 1-11

“This information is false,” Musk wrote on Twitter on October 30 when asked about the information about the layoffs.

Last weekend, the New York Times reported that Musk had ordered a plan to cut staff across the company and that the layoffs would take place before November 1, when employees receive stock bonuses. However, those laid off may still receive cash compensation under the merger agreement.

Twitter’s employees have been fearing a “bloodbath” of the new boss. “I heard about 50% of the staff will be laid off,” said Ross Gerber, chief executive officer of Gerber Kawasaki Investment Management, recounting hearing from Jared Birchall, head of the family office. of Mr. Musk.

Musk officially completed the $44 billion acquisition of Twitter on October 27, after months of litigation and controversy.

Immediately after taking over, the US billionaire fired chief executive officer (CEO) Parag Agrawal, chief financial officer (CFO) Ned Segal, and chief legal officer (CLO) Vijaya Gadde. These three senior leaders received compensation totaling nearly 200 million USD. Some reports suggest that they were fired to reduce payouts and stock bonuses.

The quick cuts show Musk’s determination to fix Twitter, but can also cause chaos within the company’s team.

There have been many rumors of staff reductions in the past time when Twitter was acquired by Mr. Musk. Recently, the Washington Post also reported that billionaire Musk will lay off 75% of Twitter’s employees in the next few months.

Accordingly, while Twitter’s current management only plans to lay off 25% of employees by the end of next year, the new report says Mr Musk wants to reduce 7,500 people to about 2,000 “core” employees.

The news comes at a difficult time for Twitter, after the company announced hiring restrictions in July 2022, as the tech industry as a whole faced a financial storm.