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Elon Musk has ordered company-wide layoffs at Twitter on Saturday, Oct. 29, according to The New York Times and Wall Street Journal.
He reportedly told managers to begin drawing up lists of employees to cut ahead of Nov. 1, 2022.
WSJ reported that the proposed layoffs are expected to reduce engineering positions, as well as affect other areas, as Twitter is looking at ways to cut costs because of the macroeconomic environment.
The company had already significantly slowed hiring in the second quarter of 2022.
Exact number of cuts not clear -- yet
It was not known how much of Twitter’s workforce the SpaceX and Tesla executive plans to let go.
It was reported initially that Musk told investors he planned to lay off as much as 75 percent of Twitter’s 7,500-person strong workforce before completing his US$44 billion takeover of the company.
However, in meeting with staff, Musk is said to have told employees he would not cut the company’s headcount so dramatically.
Cuts could take effect before Nov. 1
The potential mass layoffs could be mooted and executed within days.
The tight deadline could give Musk the opportunity to avoid paying out stock grants to outgoing workers, it was further reported.
NYT reported that such payouts “typically represent a significant portion” of an employee’s pay.
Musk did not reveal much on his public social media posts what his plans for Twitter's workforce are, given that he had previously shared some details about what moderation on the platform could look like under his ownership.
He did spend the weekend tweeting about food.
Finally, the truth that carbs are amazing can be said on this platform! #FreeSpeech— Elon Musk (@elonmusk) October 29, 2022
Fresh baked bread & pastries are some of the great joys of life— Elon Musk (@elonmusk) October 29, 2022
Leadership already removed
Musk had already fired Twitter’s leadership team -- chief executive officer Parag Agrawal and chief financial officer Ned Segal on the day he took ownership of the company.
The Guardian reported that the departure of the top executives could cost Musk at least US$120 million in “golden parachute” payouts.
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