Elon Musk, Chief Twit, has refuted claims from a New York Times report this weekend that states he plans to put off staff earlier than Tuesday, November 1, thus chopping employees off from receiving inventory grants as a part of their compensation.
In response to a tweet from Eric Umansky, deputy managing editor of ProPublica, that mentioned Musk was “making sure to fire people at Twitter before part of their year-end compensation kicks in on Tuesday,” Musk mentioned: “This is false.” He didn’t present any clarification about what, particularly, was false.
Umansky’s tweet included a screenshot of a highlighted portion of the NYT story that additionally famous inventory grants make up a good portion of an worker’s pay, and by shedding staff earlier than that date, Musk might keep away from paying the grants.
Musk didn’t reply to TechCrunch’s request for clarification on whether or not the layoffs will have an effect on inventory compensation. He might very nicely have been refuting all the NYT article, which acknowledged Musk is alleged to have ordered job cuts throughout the corporate, citing “four people with knowledge of the matter.” But that appears unlikely, given the layoffs which are already underway.
Previous studies mentioned Musk would layoff 75% of Twitter’s employees, however final week when the manager visited Twitter headquarters, he mentioned these numbers weren’t appropriate. Still, studies have been surfacing about numerous layoffs on the social media firm, together with of high Twitter executives like CEO Parag Agrawal, CFO Ned Segal, General Counsel Sean Edgett and Head of Legal Policy, Trust and Safety Vijaya Gadde.
Musk’s $44 billion deal to buy Twitter went by way of late on Thursday final week. The New York Stock Exchange stopped buying and selling Twitter’s inventory on Friday morning, the place it had been listed since 2013. Twitter will formally be delisted from the inventory trade on November 8.
Current shareholders can be paid $54.20, Musks’s shopping for worth, per share. It’s not clear how Twitter’s now-private standing will have an effect on present staff with inventory grants.