Elon Musk refutes Twitter layoff timing to affect year-end compensation • TechCrunch
Elon Musk, Chief Twit, denied A .’s allegations The New York Times Report This weekend that states that he plans to lay off employees before Tuesday, November 1, and thus cut off employees from receiving stock grants as part of their compensation.
In response to a tweet from Eric Umansky, Deputy Managing Editor at ProPublica, Musk said: “It’s not true.” No explanation was given as to what exactly was wrong.
Umansky’s tweet included a screenshot of a featured part of the NYT story that also indicated that stock grants make up a large portion of an employee’s pay, and by laying off workers before that date, Musk may avoid paying the grants.
Musk did not respond to TechCrunch’s request to clarify whether the layoffs would affect stock compensation. He may have been refuting the entire New York Times article, which stated that Musk had ordered job cuts across the company, citing “four people familiar with the matter.” But that seems unlikely, given the layoffs already underway.
Previous reports said that Musk would do so 75% of Twitter employees will be laid offbut last week when the CEO visited Twitter headquarters, he said These numbers were not correct. However, reports have surfaced about various layoffs in the social media company, including Twitter CEOs He represented CEO Parag Agrawal, Chief Financial Officer Ned Segal, General Counsel Sean Edget and Head of Legal Policy, Trust and Safety Vijaya Jade.
catch $44 billion deal to buy Twitter It passed late on Thursday last week. The New York Stock Exchange stopped trading the Twitter stock on Friday morning, as it has been listed since 2013. Twitter will be official cross off From the stock exchange on November 8.
Existing contributors will be paid $54.20, the purchase price of Musk, per share. It’s not clear how Twitter’s private status now will affect existing employees receiving stock grants.