Are Twitter Layoffs Looming?

Elon Musk is not wasting any time.

After Musk took control of Twitter for $44 billion last Thursday, he promptly fired CEO, Parga Agrawal, and Financial Chief, Ned Segal. Now, rumors are swirling that Musk has plans for even more job layoffs.

According to The Wall Street Journal, the layoffs “are expected to reduce engineering positions as well as affect other areas at the company, according to a person familiar with the plans. Twitter has roughly 7,500 employees, according to a disclosure earlier this year. The full scale of cuts being discussed couldn’t be determined.”

The Wall Street Journal reported in June, Musk stated during a virtual meeting that “costs were not a great situation” and did not rule out layoffs.

Now, with the vesting date for Twitter’s compensation program here, employees are worried. “Employees’ grants were expected to be paid as cash after Mr. Musk’s acquisition, according to people familiar with the issue. A number of employees have said they are concerned Mr. Musk could try to avoid making those payments if their employment is terminated before Nov. 1,” per The Wall Street Journal. 

Musk, in his usual fashion, denied these claims in a tweet Sunday night.

The fate of Twitter and its employees is to be determined.