Twitter Layoffs Loom
Layoffs at social media giant Twitter reportedly began this weekend, with up to 30% of employees expected to be let go under new chief Elon Musk. The Tesla and SpaceX CEO assumed ownership of the company late last week after a monthslong back-and-forth over whether the deal would proceed. The news follows the termination of the company's leadership, including CEO Parag Agrawal.
Musk has sent conflicting signals about the future of the platform particularly with respect to content moderation. He has emphasized the need for free speech on the platform, while assuring ad partners—who account for about 90% of the company's revenue—it would remain a "respectable" place to advertise. Read Musk's original statement prior to closing the acquisition here.
Agrawal and other executives were reportedly fired for cause—meaning they would not be eligible for a Nov. 1 compensation deadline paying out between $20M and $60M, should the move hold up.