According to reports, Twitter prepared plans for broad layoffs which can be as staggering 75% out of its 7,500 workforce.
What is Elon Musk up to? All eyes are on him for his next move. It's no secret that Tesla CEO Elon Musk is a swaggerer, who loves to lay out broad plans out in the open.
The billionaire magnet is 'complex, critical, and brutal.'
In Twitter’s case, the technocrat’s moves kept people guessing for months before he bought it paying $44 billion. From buying just a 5% share to buying the micro-blogging site in just less than a year, Musk orchestrated his plans with all astuteness.
Soon after acquiring the social media entity, he lost no time to fire top executives but never provided any clarity over how he will achieve the ambitions he has outlined for the influential social media platform.
Twitter has just seen ‘brutal firings’. Is more ‘bloodbath’ coming? A New York Times report gave credence to the murmur simmering in the circle.
According to the report, Twitter prepared plans for broad layoffs which can be as staggering 75% out of its 7,500 workforce.
The proposed layoffs are expected to reduce engineering positions as well as affect other areas at the company, a WSJ report said.
After officially taking the reins, he made himself busy making changes. One of the first things he did was change his own Twitter profile to read: “Chief Twit”.
While he was doing that though, left-leaning CEO Parag Agrawal, CFO Ned Segal, and head of legal policy Vijaya Gadde were packing up their desks after being fired by the new owner.
The company’s general counsel, Sean Edgett, was also escorted out of the building. Twitter’s top two executives were given more than $100 million in severance packages.
Several employees have said they are worried that Musk could move to cut jobs before November 1, which is a vesting date for Twitter’s compensation programme.
Several employees have said they are concerned Musk could try to avoid making those payments if their employment is terminated before Nov. 1.
Musk, however, ruled out the possibility in his trademark style. “This is false,” he tweeted on Sunday evening, replying to a tweet that highlighted the concern in a New York Times article.
It’s clear that Musk means business though several media reports openly criticised his ‘brutal act.’
Meanwhile, he has a rival as powerful as Jack Dorsey, ex-Twitter boss, who has announced the launch of a public test version of a new social media network. Competition is raging. The 'Bluesky', is gearing up for a test run.
It’s not yet clear what Blueksky will eventually look like or how it will function, but it has been noted as a rival to Twitter. That’s for sure.
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