National News
Elon Musk plans to lay off staff at Twitter, with some managers at the social media company being asked to draft lists of employees to fire, the New York Times and Washington Postreported, quoting sources.
Mr Musk completed his $44 billion acquisition of Twitter on Friday after months of deliberations during which the billionaire questioned the number of users on the platform but finally gave in as a drawn-out litigation process neared.
Mr Musk, who is the world’s richest man and has 110 million Twitter followers, ordered cuts across company, which has about 7,500 staff, the newspapers said, citing unnamed sources.
The firings are likely to take place before November 1, when employees are set to receive stocks grants as part of their compensation, the Times andPost said.
Firing staff before November 1 could assist Mr Musk in avoiding paying the grants to staff, which usually account for a large portion of an employee’s pay, they said…
