Fox News contributor Raymond Arroyo and former investment banker Carol Roth weigh in on ‘The Evening Edit’ as the Tesla CEO takes control of Twitter and fires top executives.
Tech guru and self-proclaimed “Chief Twit,” Elon Musk is rumored to have ordered company-wide layoffs at Twitter on Saturday, according to a report from The New York Times.
Musk has reportedly ordered cuts across the company with some departments being more affected than others.
Tesla founder Elon Musk attends Offshore Northern Seas 2022 in Stavanger, Norway, Aug. 29, 2022. (NTB/Carina Johansen via Reuters / Reuters Photos)
Twitter currently has approximately 7,500 staff members, and the Times reported that some managers have been asked to come up with lists of employees to let go.
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The layoffs could occur before Nov. 1 because employees are typically scheduled to receive stock grants as part of their compensation.
According to the Times, stock grants, “typically represent a significant portion” of their pay and the billionaire may not have to pay these grants if his company lays off employees before the date.
Musk completed his $44 billion acquisition of Twitter on Thursday and fired former CEO Parag Agrawal, chief financial officer Ned Segal, and policy chief Vijaya Gadde upon assuming ownership.
Before completing his $44 billion takeover, Musk reportedly told investors he planned to lay off as much as 75% of Twitter’s workforce.
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However, Musk is said to have told employees this week that he wouldn’t cut the workforce dramatically.
While the billionaire has not shared explicit details on his plans for the company, he has shared his overarching vision for a “common digital town square,” where people can debate a wide range of beliefs in the same place.
On Saturday, Musk took to Twitter to discuss food. “Fresh baked bread & pastries are some of the great joys of life,” he tweeted.
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Twitter didn’t immediately respond to Fox News Digital’s request for comment.
