Around 2,000 Twitter employees likely to lose jobs in first round of layoffs: Report
Twitter, which was acquired last week by billionaire Elon Musk, plans to let go of a quarter of its workforce as part of what is expected to be a first round of layoffs, suggested various media reports.
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FollowTwitter's first round of layoffs will result in the termination of 25% of its workforce. Currently, the social media platform has around 7,000 employees and a quarter of the headcount amounts to nearly 2,000 employees. Following the $44 billion buyout's conclusion, Elon Musk sacked key executives, including the CEO Parag Aggarwal.
Celebrity lawyer Alex Spiro, a long-time Musk legal representative, led the conversations about the job cuts, Washington Post cited. Since the agreement was revealed in April, Twitter staff have been preparing for layoffs, and Musk mentioned the concept of cost reductions to banking partners when he was originally soliciting money for the acquisition.
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Prior claims said he intended to reduce workers by 75%, but later reports claimed Musk gave Twitter employees assurances that this wasn't the case last week.
The New York Times reported on Saturday that Musk had mandated layoffs before Nov. 1, when workers were supposed to get stock awards as part of their remuneration. Musk also ordered employment cutbacks across the firm, with some teams to be reduced more than others.
The amount of job cutbacks couldn't be estimated, but managers have been ordered to create lists of those who would be let go, according to the publication. According to the Times, who cited unnamed persons with knowledge of the situation, the cuts may start soon.
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Musk refuted the allegation. Musk wrote, in response to a Twitter user who inquired about the layoffs, "This is incorrect."
However, Twitter did not immediately react to a request for comment from Reuters. The business has arranged an employee meeting for the upcoming Wednesday, but some employees did not receive invites, according to one of the persons familiar with the situation, as previously reported by Bloomberg.
On Thursday, Musk removed Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal, and Chief Legal and Policy Officer Vijaya Gadde after the social media platform's high-profile $44 billion purchase was completed.
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(Photo: Getty)
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