Elon Musk, Chief Twit, is taking problem with reporting in a New York Times story this weekend that states he plans to put off staff earlier than Tuesday, November 1, thus slicing workers off from receiving inventory grants as a part of their compensation.
In response to a tweet from Eric Umansky, deputy managing editor of ProPublica, that mentioned Musk was “ensuring to fireside individuals at Twitter earlier than a part of their year-end compensation kicks in on Tuesday,” Musk mentioned: “That is false.” He didn’t present any clarification about what, particularly, was false.
Umansky’s tweet included a screenshot of a highlighted portion of the NYT story that additionally famous inventory grants make up a good portion of an worker’s pay, and by shedding employees earlier than that date, Musk might keep away from paying the grants. Musk didn’t reply to ’s request for clarification on whether or not the layoffs will have an effect on inventory compensation.
Earlier studies mentioned Musk would lay off 75% of Twitter’s staff, however final week when the manager visited Twitter headquarters, he mentioned those numbers weren’t correct. Nonetheless, studies have been surfacing about varied layoffs on the social media firm, together with of top Twitter executives like CEO Parag Agrawal, CFO Ned Segal, Basic Counsel Sean Edgett and Head of Authorized Coverage, Belief and Security Vijaya Gadde.
Musk’s $44 billion deal to purchase Twitter went by late on Thursday final week. The New York Inventory Trade stopped buying and selling Twitter’s inventory on Friday morning, the place it had been listed since 2013. Twitter will formally be delisted from the inventory trade on November 8.
Present shareholders will be paid $54.20, Musks’s shopping for value, per share. It’s not clear how Twitter’s now-private standing will have an effect on present staff with inventory grants.
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