Elon Musk lays off staff after acquiring Twitter

 

Elon Musk completed the process of taking over Twitter last Thursday.  CEO Parag Aggarwal, legal executive Vijaya Gadde, CFO Ned Segal and general counsel Sean Edgett were immediately fired from the company.  According to American media, as the next step, the world's richest man has already started the process of laying off a large number of workers.  Maybe he can finish it before Tuesday.

• What's the story?

 Musk bought Twitter for about 44 billion dollars.  According to sources, Morgan Stanley and Bank of America have given a large loan.  Musk submitted cost-cutting plans to these lenders.  This includes layoffs.  It's not clear how many people will be laid off, but three-quarters of Twitter's roughly 7,500 employees are believed to be on that list.  According to sources, officials have been asked to prepare a list in this regard.  Staff will be reduced in every department.  Probably all will be finalized before November 1.  That would allow Musk to cut costs in compensating laid-off workers.  Along with this, Musk also promised lenders to take the company off the stock exchange and turn it into a private limited company, find new sources of income and create content regulations.

Previously, Twitter authorities had suspended the accounts of former US President Donald Trump for illegal posts.  According to many, legal executives, Vijaya Gad had a big role and it.  After his expulsion, the question arises, will all those closed accounts be brought back?  Musk, however, said the social media company will create a 'content moderation council'.  The final decision regarding any post or refund of an account will be made there.  No such action shall be taken before that.

• What's next?

 Meanwhile, Twitter co-founder Biz Stone thanked Parag and others on Sunday.  He wrote on Twitter, “Many thanks to Parag, Vijaya, Segal for their collective contribution.  Everyone is incredibly talented and good people.''