Report: Elon Musk said to begin employees lay off at Twitter

Chief Twit Elon Musk has planned to begin laying off employees at Twitter, according to a media report circulated days after he closed the USD 44-billion acquisition of the micro-blogging company.

Sources reported that Musk "planned to begin laying off workers" at Twitter as soon as on Saturday.

The report, citing people with knowledge of the situation, said that some managers were being asked to 'draw up lists of employees to cut'.

Prior to Musk's acquisition of Twitter, reports were circulated that he will cut headcount, with some reports claiming 75% of the workforce at the company could be laid off, as per PTI inputs.

Sources further stated that the layoffs at Twitter "would take place before" the November 1 date when "employees were scheduled to receive stock grants as part of their compensation.

It is said that such grants typically represent a significant portion of employees' pay. By laying off workers before that date," Musk "may avoid paying the grants."

Musk has told investors that he "would take Twitter private, reduce its workforce, roll back its content moderation rules and find new revenue streams."

Elon Musk has also informed that Twitter will form a "content moderation council" and any major content decisions or account reinstatements will happen after such a body has convened.