Reuters
Elon Musk denies reports he is firing Twitter employees in attempt to avoid payouts
In a response to a Twitter user asking about the layoffs, Musk tweeted: “This is false.” The New York Times reported on Saturday that Musk has ordered job cuts across the company, with some teams to be trimmed more than others and that layoffs would take place before Nov. 1 date, when employees were scheduled to receive stock grants as part of their compensation. 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.
Source: finance.yahoo.com
Related posts:
Why Warren Buffett's portfolio moves signal 'caution' for investors
Crypto crash: Here's why billionaire John Paulson's 'worthless' call might be right
Jack Ma Loses $683 Million on Alibaba Days Before Big Stake Sale
Bed Bath & Beyond Begins Talks on Bankruptcy Loan, Takeover
‘The bond market is not yet prepared’ — here’s what a Wall Street veteran fears