Elon Musk to begin laying off Workers at Twitter, with some Managers being asked to draw up lists of employees to Cut. The cuts across the company, with some Teams to be trimmed more than others. Twitter has around 7,500 employees. Somewhere around 50% of People could be laid off.
The Layoffs at Twitter would take place before a Nov. 1st, when employees were scheduled to receive Stock Grants as part of their Compensation. Such Grants typically represent a significant portion of employees’ pay. By laying off workers before that date, Mr. Musk may avoid paying the Grants, though he is supposed to pay the employees Cash in place of their Stock, under the terms of the Merger agreement.
Mr. Musk also appears unlikely to pay the Golden Parachutes that the fired Top Executives of Twitter were set to receive. Under the Merger Agreement, those Executives, including Parag Agrawal, the Chief Executive, had been set to receive compensation of $20 million to $60 million, if they were Fired. But Mr. Musk Terminated the Executives “For Cause,” meaning he did it pay, because he alleged he had Justification, which may void that Agreement, expect Law Suits.
Those Executives, also include the former Chief Financial Officer Ned Segal, the former General Counsel Sean Edgett, and the former Top Policy and Legal Executive Vijaya Gadde.
Mr. Musk may also be testing Twitter’s Engineers. First All Development was Stoped. Then He and his Team, have assigned some of them Projects to Complete. Pne project involved Changes to Twitter’s Login screen. Some Engineers worked late into the night on Friday, to complete the Assignments.
Twitter Users expressed concern over a surge of Hate Speech being reported on the Platform since Mr. Musk took control.
The National Basketball Association Star LeBron James, pointed to a Report by the Network Contagion Research Institute, a Private Group that studies the spread of Ideological Content online, which said that the use of a Racial Slur on Twitter, had increased by nearly 500% in the 12 hours after Mr. Musk’s Deal was Finalized.
“I don’t know Elon Musk and, tbh, I could care less who owns twitter,” Mr. James tweeted. “But I will say that if this is true, I hope he and his people take this very seriously because this is scary.”
NYC Wins When Everyone Can Vote! Michael H. Drucker
No comments:
Post a Comment