Musk has to find methods to reduce the expenditures of a company that he claims he overpaid. In April, just as markets began to decline, the billionaire committed to paying $54.20 per share. He then allegedly claimed that the corporation had deceived him about the popularity of bogus accounts while he tried for months to back out of the transaction. In recent weeks, Musk gave in and decided to close the purchase under the predetermined terms after the San Francisco-based company had filed a lawsuit to ensure Musk fulfils his commitment.
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Last week, senior members of the product teams were instructed to aim for a 50% workforce cut, a person with knowledge of the situation claimed. The names were examined by engineers and directors at Tesla, also led by Musk. According to the sources, layoff lists were created and ranked based on employees' contributions to Twitter's code while they were employed by the firm.
The specifics of the workforce reduction might yet alter as Musk and a group of advisers considered several options for job cutbacks and other policy changes at Twitter. Two of the people stated that in one scenario, those who are laid off will be provided with 60 days' worth of severance money.
Also Read: Elon Musk has to pay Parag Agrawal this massive amount upon termination
Since Musk took control and fired a large portion of the top management team, including CEO Parag Agrawal, Twitter employees have been preparing for layoffs. Leslie Berland, the chief marketing officer, Sarah Personette, the chief customer officer, and Jean-Philippe Maheu, the vice president of global client solutions, were among the other executives to leave in the days that followed.
(With agency inputs)
