May 29, 2024

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Elon Musk refutes Twitter layoff timing to affect year-end compensation • TechCrunch

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Elon Musk refutes Twitter layoff timing to affect year-end compensation • TechCrunch

Elon Musk, Chief Twit, has refuted claims from a New York Periods report this weekend that states he strategies to lay off staff ahead of Tuesday, November 1, as a result cutting personnel off from obtaining stock grants as part of their payment.

In reaction to a tweet from Eric Umansky, deputy running editor of ProPublica, that stated Musk was “making positive to hearth folks at Twitter ahead of portion of their 12 months-close payment kicks in on Tuesday,” Musk stated: “This is false.” He didn’t supply any clarification about what, specially, was false.

Umansky’s tweet involved a screenshot of a highlighted part of the NYT story that also observed inventory grants make up a important part of an employee’s shell out, and by laying off employees right before that day, Musk may perhaps stay clear of having to pay the grants.

Musk did not react to TechCrunch’s request for clarification on no matter if the layoffs will impact stock payment. He may possibly really effectively have been refuting the whole NYT article, which said Musk is stated to have requested work cuts throughout the firm, citing “four people today with awareness of the make a difference.” But that looks not likely, given the layoffs that are already underway.

Previous reports reported Musk would layoff 75% of Twitter’s workers, but very last 7 days when the executive visited Twitter headquarters, he claimed those quantities weren’t proper. However, studies have been surfacing about many layoffs at the social media organization, together with of prime Twitter executives like CEO Parag Agrawal, CFO Ned Segal, Common Counsel Sean Edgett and Head of Authorized Coverage, Have faith in and Safety Vijaya Gadde.

Musk’s $44 billion deal to buy Twitter went by means of late on Thursday final week. The New York Inventory Exchange stopped buying and selling Twitter’s stock on Friday early morning, where by it experienced been detailed given that 2013. Twitter will officially be delisted from the inventory exchange on November 8.

Current shareholders will be paid $54.20, Musks’s shopping for price tag, for each share. It’s not obvious how Twitter’s now-non-public standing will have an impact on latest employees with stock grants.

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