Elon Musk has denied a New York Times report about laying off Twitter employees to avoid stock grants.
Citing unidentified people familiar with the matter, the Times reported the cuts could begin as soon as Saturday.
According to media reports on Saturday, Musk fired top executives in an effort to avoid hefty severance payouts, while lining up other layoffs as soon as Saturday. Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde on completion of a high-profile $44 billion buyout of the social media platform on Thursday, people familiar with the matter told Reuters.AFP via Getty Images
He had accused them of misleading him and Twitter investors over the number of fake accounts on the platform. According to research firm Equilar, the executives stood to receive separation payouts totaling some $122 million.Article content Citing unidentified people familiar with the matter, The Information reported that Elon Musk terminated four top Twitter executives, including Agrawal and Segal “for cause,” in an apparent effort to avoid severance pay and unvested stock awards.Photo by Twitter
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