The Twitter logo is seen on the exterior of Twitter headquarters on October 28, 2022 in San Francisco, Calif. - After months of controversy, Elon Musk is now the head of one of the most influential social networks on the planet. , whose "tremendous potential" he has promised to uncover.
The NYT report further stated that Twitter's 'layoff' would take place before the November 1 date when 'employees were scheduled to receive stock grants as part of their compensation'.
Chief tweet Elon Musk plans to start laying off employees at Twitter, according to a media report circulated days after the micro-blogging company closed its USD 44 billion acquisition.
According to news agency PTI, The New York Times reported that Musk "plans to start laying off workers" on Twitter as soon as Saturday.
The report, citing people with knowledge of the situation, said that some managers were being asked to 'prepare a list of employees to be cut'.
Before Musk's acquisition of Twitter, reports had circulated that he would cut the workforce, with some reports claiming that 75% of the workforce at the company could be laid off, according to PTI inputs.
"Musk, who on Thursday completed a $44 billion deal to buy Twitter, ordered cuts across the company, laying off some teams more than others," the NYT report said. The company "should not be laid off", which has approximately 7,500 employees.
The NYT report further stated that Twitter layoffs would take place "before the November 1 date" when "employees were scheduled to receive stock grants as part of their compensation."
It is said that such grants generally represent a significant portion of employees' salaries. By laying off workers before that date," Musk "could avoid paying the grant."
Musk has told investors that he will "take Twitter private, reduce its workforce, roll back its content moderation rules, and find new revenue streams."
"Freshly baked bread and pastries are some of life's great joys. Finally, the truth to be told on this stage is that carbs are amazing!" He tweeted on Saturday, as quoted by PTI, with the hashtags "so brave" and "free speech".
Elon Musk has also informed that Twitter will create a "Content Moderation Council" and that any major content decision or account reinstatement will take place after such a body is convened.
“Twitter will set up a content moderation council with widely varied perspectives. "There will be no major content decision or account reinstatement before that council convenes," Musk tweeted Friday, a day after completing the social media company's $44 billion acquisition.
"To be clear, we have not yet made any changes to Twitter's content moderation policies," he said.
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