Musk deny Twitter layoff before Nov 1 to dodge stock grants, NY Time.
Elon Musk responded to a Twitter user who inquired about the layoffs, saying, “This is false.”
According to the New York Times, Musk has ordered job cuts across the company, with some teams losing more than others, and that layoffs would occur before the Nov. 1 deadline for employees to receive stock grants as part of their compensation.
The Times reported that the layoffs could begin as soon as Saturday, citing unidentified sources familiar with the situation.
According to media reports on Saturday, Musk fired top executives in an effort to avoid large severance payments, while also planning additional layoffs for Saturday.
According to people familiar with the matter, Musk fired Twitter CEO Parag Agrawal, Chief Financial Officer Ned Segal, and legal affairs and policy chief Vijaya Gadde after completing a high-profile $44 billion buyout of the social media platform on Thursday.
He accused them of misleading him and Twitter investors about the number of fraudulent accounts on the platform. According to research firm Equilar, the executives could receive $122 million in separation pay.
Also Read: https://rockedge.pk/twitter-on-deadline-to-stop-overpaying-elon-musk/
According to unnamed sources familiar with the situation, Elon Musk fired four top Twitter executives, including Agrawal and Segal, “for cause” in an apparent attempt to avoid severance pay and unvested stock awards.
LightShed analyst Rich Greenfield said in a tweet on Saturday that Musk fired top Twitter executives “for cause,” preventing their unvested stock from vesting as part of a change of control.
Twitter did not respond immediately to Reuters’ request for comment.
Reuters was unable to reach the fired executives right away.
According to Reuters, the fired executives “should be getting these (severance) payments unless Elon Musk had cause for termination, which in these cases is usually that they broke the law or violated company policy,” according to Courtney Yu, Equilar’s director of research.
