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Elon Musk finally completed his acquisition of Twitter last week, and as he takes over the company, it was reported that he immediately ordered job cuts and fired its top executives including the chief executive officer, chief financial officer, and policy chief.
It was reported that Musk terminated CEO Parag Agrawal, CFO Ned Segal, and Vijaya Gadde who is Twitter’s legal affairs and policy chief shortly after the completion of his $44 billion buyout deal a day before the court-set deadline of Friday, Oct. 28. Allegedly, the new Twitter owner did this to avoid paying huge severance pay.
Based on the data from Equilar research firm, the three executives are in a position to get separation payouts amounting to around $122 million. At any rate, the ousting of the execs was relayed to Reuters by people who are familiar with the matter.
Courtney Yu, director of research at Equilar, told the publication that Agrawal, Segal, and Gadde should be getting these severance payouts unless the new Twitter owner called for their termination citing some possible cases including breaking the law or violating the company policy.
It was noted that Musk previously accused the same executives of misleading him and the company’s investors regarding the real number of fake accounts on the Twitter platform. Moreover, The New York Times reported the past weekend that the 51-year-old billionaire also ordered the laying off of employees.
Some units in the company may be reduced more than the other teams and job cuts will start before Nov. 1 when the employees are set to receive stock grants as part of their compensation. The extent of the job termination is unknown but Twitter currently has about 7,500 employees.
Meanwhile, in a new update, Musk responded to the reports of layoffs via social media. He denied that he is firing employees before Tuesday this week to avoid stock grants due on the first of November.
Musk refuted The New York Times report by simply responding, "This is false" to a tweet posted by ProPublica’s deputy managing editor, Eric Umansky, which reads: "What a guy. @elonmusk is making sure to fire people at Twitter before part of their year-end compensation *kicks in on Tuesday.*"
Photo by: Alexander Shatov/Unsplash
