Elon Musk has been on the agenda since he announced that he bought Twitter for $ 44 billion. The famous billionaire, CEO of Tesla and SpaceX, almost started the slaughter at the Twitter center, where he entered the sink. Musk first fired Twitter CEO Parag Agrawal, Chief Financial Officer (CFO) Ned Segal, senior legal and policy executive Vijaya Gadde, and general counsel Sean Edgett. International news organizations focused on the reason behind Musk’s immediate firing of Agrawal and other senior executives.
ESCAPE FROM COMPENSATION
According to Reuters, Musk accused top executives he fired of misleading him and Twitter investors about the number of fake accounts on the platform. According to research firm Equilar, executives would receive compensation totaling $122 million.
Citing unidentified people familiar with the matter, The Information suggested that Elon Musk fired four top Twitter executives, including Agrawal and Segal, to avoid severance pay and stakes.
LightShed analyst Rich Greenfield said Musk fired top Twitter executives and blocked the acquisition of stake, which was part of the control change.
It is pointed out that the dismissed Twitter executives should receive these (severance pay) payments unless there is a reason for Elon Musk’s termination, otherwise the law will be broken.
GIVEN INSTRUCTIONS
On the other hand, according to The New York Times, Elon Musk has ordered company-wide layoffs. It was alleged that Musk told managers to start preparing lists of employees to be fired.
It is not yet known how many of Musk’s Twitter employees are planning to lay off, but it has been reported that some teams will be affected more by the layoffs than others. Before the deal was finalized, Musk told investors that Twitter planned to lay off 75 percent of its 7,500-strong workforce. In an interview with staff, Musk is said to have told employees that the company won’t cut headcount so dramatically.
It is alleged that layoffs could occur before 1 November. Thus, Musk will be able to avoid paying stock shares to outgoing workers.
CALLS HIS TWITTER CEO
According to the report of Business Insider, Elon Musk is the official CEO of Twitter. In the report, Elon Musk is said to be calling himself the CEO of Twitter internally.