Reports suggested that Twitter's top executives received a total of $122 million in separation payments.
photo of Elon Musk is seen via a Twitter logo in this illustration taken October 28, 2022.
With Elon Musk taking over Twitter, a huge buzz has arisen about layoffs at the social media firm as CEO Parag Agarwal's name emerged in the much-awaited exit list. Chief Financial Officer Ned Sehgal and Legal Policy Chief Vijaya Gadde were the other top officials who were shown the way out. There was also speculation about a huge severance pay of more than $100 million to be paid to top executives.
Officials received a total severance payment of $122 million, according to research firm Equilar, quoted by Reuters news agency.
On Sunday, Musk responded to reports that he had fired employees for withholding stock grants that were due until Nov. Stock grant means a firm paying an employee in the form of corporate stock. "That's false," he replied after a journalist - Eric Umansky - tweeted: "What a man. @elonmusk is making sure to fire people on Twitter before part of their year-end compensation* on Tuesday begins. * (sic)" Umansky had shared a report published by The New York Times.
Last week, director of research at Equilar Courtney Yu told Reuters that fired executives should "receive these (severance) payments unless Elon Musk has a reason for termination, in which cases it would usually be the reason. that they broke the law or violated company policy."
Musk's first major decision for the firm has drawn heavy criticism. They have also announced that they will improve the verification process.
In addition, the world's richest man is also expected to take measures against bot accounts on the social network - a flashpoint in the midst of a months-long dispute over the $44 billion deal.
