A Tuesday Deadline May Be Bad News for Twitter Staffers

They'll get stock options that day, unless Elon Musk lays them off first
By John Johnson,  Newser Staff
Posted Oct 30, 2022 9:50 AM CDT
A Tuesday Deadline May Be Bad News for Twitter Staffers
Twitter headquarters is shown in San Francisco, Friday, Oct. 28, 2022.   (AP Photo/Jeff Chiu)

When his takeover of Twitter became official, Elon Musk wasted no time in firing its top execs. Now rank-and-file workers may have an anxious few days. The New York Times reports that Musk planned to begin promised layoffs this weekend, in part because of a looming deadline. Twitter employees are scheduled to receive stock grants on Nov. 1, which typically account for a "significant" part of their overall compensation, per the Times. But if they're fired before Tuesday, Musk can avoid paying that extra money.

What remains unclear is how draconian the layoffs will be. Prior to the closing of the deal, Musk reportedly planned to lay off 75% of the company. However, the Verge reports that he told employees the reports were inaccurate when he visited the company's headquarters last week. Still, it seems a safe bet that many of the 7,500 staffers will be out of luck soon. “I was told to expect somewhere around 50% of people will be laid off,” Ross Gerber of Gerber Kawasaki Wealth and Investment Management tells the Times. (Hate speech was proliferating on the platform in the wake of Musk's acquisition.)

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