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Elon Musk likely to lay off 25% Twitter workforce in first round of job cuts: Report

Elon Musk likely to lay off 25% Twitter workforce in first round of job cuts: Report

Elon Musk likely to lay off 25% Twitter workforce in first round of job cuts: Report
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By Anand Singha  Oct 31, 2022 9:47:43 PM IST (Published)

Twitter, taken over by billionaire Elon Musk last week, plans to fire a quarter of its staff as part of what is anticipated to be the first wave of layoffs at the social media giant, according to a new report.

Twitter, taken over by billionaire Elon Musk last week, plans to fire a quarter of its staff as part of what is anticipated to be the first wave of layoffs at the social media giant, according to a new report.

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According to a person cited by the Washington Post in its report, the discussions concerning layoffs were spearheaded by celebrity attorney Alex Spiro, who has a longtime legal counsel for new boss Musk.
As per a regulatory filing, Twitter had over 7,000 workers by the end of 2021, with roughly 2,000 people making up a quarter of the total.
Musk had earlier refuted a New York Times report about firing Twitter staff at a date earlier than November 1 to dodge stock grants that were due on that day. Musk tweeted, "This is false," responding to a Twitter user who had inquired about layoffs.
Reports suggest Musk already sacked Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal, and Chief Legal Affairs and Policy Officer Vijaya Gadde on Thursday after a six-month $44 billion purchase saga of the social media network was concluded.
Musk claimed that they misled him and Twitter's investors over the prevalence of fraudulent accounts on the site. The executives had the potential to receive separation payouts totaling almost $122 million, according to research company Equilar.
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