Elon Musk denies reports he fired Twitter employees early to avoid severance pay | Business News

Twitter’s new owner, Elon Musk, has denied reports that he plans to lay off employees by early next month to avoid having to pay special payouts as part of a compensation deal.

in response to a Twitter Users asked about layoffs reported by The New York Times, Musk Simply tweet: “This is wrong.”

finishing his High-profile acquisition of social media platform for $44bn (£38bn)Musk fired Twitter CEO Parag Agrawal, CFO Ned Siegel and head of legal affairs and policy, Reuters reported

He accused them of misleading him and Twitter investors about the number of fake accounts on the platform.

Executives will receive a total of around $122 million (£105 million) in severance packages, according to Equilar.

Then over the weekend, Musk was said to have ordered further layoffs across the company, with some teams making more layoffs than others.

The New York Times said the cuts will take place through Nov. 1, when employees will receive stock grants as part of their severance packages.

read more:
Musk tweets — then deletes — link to article on baseless theory of Paul Pelosi attack
Super app or Wild West?The future of Twitter under Elon Musk

But Musk denies this is true.

The head of research at Equilar Courtney Yu told Reuters that fired executives “deserve these (severance packages) unless Elon Musk has grounds for dismissal, which in those cases is usually that they broke the law.
or violate company policy.”

Source link