Elon Musk prepares to start laying off employees at Twitter: Report

Elon Musk prepares to start laying off employees at Twitter: Report

Musk said the social media company would form a “content moderation board”.

New York:

Elon Musk planned to start laying off employees at Twitter, according to a media report, days after he completed a $44 billion acquisition of the social media company.

The New York Times reported that Musk “plans to start laying off workers” at Twitter shortly afterward on Saturday.

Citing people with knowledge of the situation, the report says that some managers are being asked to “make a list of employees for cuts.” Before Musk acquired Twitter, reports were circulating that he would be cutting staff, with some reports saying 75% of the workforce at the company could be laid off.

The NYT report said: “Musk, who completed a $44 billion deal to acquire Twitter on Thursday, ordered the entire company to be cut, with some teams being cut more than others. other,” the NYT report adds, adding that “the size of the layoffs may not be determined” at a company of about 7,500 employees.

The NYT report says that layoffs at Twitter “will take place before” November 1 when “employees are scheduled to receive stock grants as part of their compensation.

Such benefits often represent a substantial portion of an employee’s salary. By firing workers before that date, “Musk” can avoid paying benefits. “Musk has told investors that he will ‘make Twitter private, reduce the workforce, restore content moderation rules, and look for new revenue streams’.” Fresh toast & pastries are some of life’s great joys. Finally, the fact that carbs are great can be said on this platform! “With the hashtags ‘brave’ and ‘free speech,'” he tweeted on Saturday.

Musk said the social media company would form a “content moderation committee” and that any significant content decisions or account recovery would happen after such a body had convened.

“Twitter will form a content moderation committee with diverse views. No major content decisions or account recovery will occur before that panel convenes,” Musk tweeted on Friday. , a day after he completed a $44 billion acquisition of the social network. Company.

“Just to be clear, we have yet to make any changes to Twitter’s content moderation policies,” he added.

Parag CEO Agrawal, legal executive Vijaya Gadde, CFO Ned Segal and General Counsel Sean Edgett were ousted when Musk’s acquisition was complete.

Within hours of taking the helm of Twitter, the Tesla CEO posted a series of tweets.

“The Bird Is Freed”, “Spoiler Alert. Let’s have a good time”, “Living the Dream. Comedy is now legal on Twitter”.

Agrawal, 38, was appointed Twitter CEO last November after the social networking site’s co-founder Jack Dorsey stepped down.

When former US President Donald Trump’s Twitter account was permanently suspended last January, Hyderabad-born Gadde was at the forefront of this dramatic decision made days after Trump supporters try to revolt at the US Capitol.

Twitter co-founder Biz Stone thanked Agrawal, Segal and Gadde for their “huge contribution” to the business.

“Thank you to @paraga, @vijaya and @nedsegal for their shared contributions to Twitter. Each of them is full of talent and beautiful people!” Stone tweeted.

Musk arrived at the company’s headquarters in San Francisco on Wednesday and met with engineers and advertising executives.

He also updated his Twitter description to “Chief Twit.” The billionaire has promised to change Twitter by relaxing the service’s content moderation rules, making its algorithm more transparent, and nurturing businesses that sign up and lay off employees.

In April, Twitter accepted Musk’s proposal to buy the social media service and make it private.

Soon after, however, Musk began to cast doubt on his intentions to abide by the agreement, alleging that the company had failed to adequately disclose the number of spam and fake accounts on the service.

When Musk said he would terminate the agreement, Twitter sued the billionaire, alleging that he “refused to honor his obligations to Twitter and its shareholders because the agreement he signed no longer serves.” his personal interests.” In early October, Musk said he wanted to pursue a Twitter acquisition at an initial price of $54.20 per share if the social messaging service dropped the lawsuit.

Twitter’s lawyers say that “the Tesla CEO’s proposal is an invitation to further fallacies and delays.” A judge in the Delaware Chancery Court ultimately ruled that Musk had until October 28 to solidify the Twitter deal or go to court.

On Thursday, Musk wrote a message to reassure advertisers that social messaging services won’t evolve into “a free-for-all hell where anything can be said without There are consequences!” “The reason I acquired Twitter is because it’s important to the future of civilization to have a common digital town square where a healthy variety of beliefs can be debated without resorting to violence,” Musk said in the message.

“There is now a great danger that social media will creep into the niches of the right and the left, creating a lot of hatred and division in our society,” he added.

(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)

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