Usa News

Elon Musk denies reports that he would fire Twitter employees early to avoid severance pay | Economic news

New Twitter owner Elon Musk has denied a report that he plans to lay off employees before the start of next month to avoid having to make special payments as part of their severance agreement.

In a response to a Twitter user asking about the layoffs reported in the New York Times, Musk simply tweeted: “Wrong.”

At the end of his highly publicized $44bn (£38bn) takeover of the social media platformMusk fired Twitter chief executive Parag Agrawal, chief financial officer Ned Segal and chief legal and policy officer, according to Reuters
Vijaya Gadde

He had accused them of misleading him and Twitter investors about the number of fake accounts on the platform.

According to Equilar, the executives were due to receive severance payments totaling around $122m (£105m).

And then over the weekend, Musk reportedly ordered further job cuts at the company, with some teams to be cut more than others.

Those cuts, the NY Times said, would take place before Nov. 1, when employees were due to receive stock awards as part of their severance package.

Read more:
Musk tweets – then deletes – link to article with unfounded theory about Paul Pelosi attack
Great app or Wild West? The future of Twitter under Elon Musk

But Musk denied that was true.

Research director at Equilar Courtney Yu told Reuters that terminated executives “should receive these (severance) payments unless Elon Musk has cause for termination, the reason in these cases usually being that they broke the law.
or violated company policy”.

yahoo-skynews Gt

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button