Employees have been constantly concerned about losing their jobs since Tesla CEO Elon Musk purchased Twitter for $44 billion. In recent weeks, CEO Parag Agrawal has been bombarded with questions about layoffs, Twitter’s future, and other topics. Agrawal assured that no job cuts are in the works for the time being. However, a new Reuters report suggests a different story.
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According to sources close to the publication, Musk is already lining up a new CEO for Twitter to replace Agrawal once the $44 billion sale transaction is completed later this year. Last month, the billionaire told Twitter’s chairman, Bret Taylor, that he lacks confidence in the company’s management, implying a management restructure.
Agrawal took over as CEO from Jack Dorsey in November. Musk is to have refused to reveal the identity of the replacement. It was previously out that Musk would be requiring to pay $43 million if he fired Agrawal within 12 months of Twitter’s change in control.
According to The New York Post, Musk also intends to fire Twitter’s general counsel, Vijaya Gadde. Gadde is to receive a $12.5 million severance package, which is including Twitter stock, if Elon Musk fires him. She is currently one of the company’s highest-paid executives, earning around $17 million per year.
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Musk May Fire Vijaya Gadde Too
“Gadde, who earned $17 million as Twitter’s top legal counsel last year. He could be on the chopping block as Musk reportedly plans to cut jobs.
Employees have been questioning Agrawal since Musk purchased Twitter. They are wondering if their job is secure or if they should look for other opportunities. During a recent company-wide meeting, employees demanded answers on how executives intend to handle a mass exodus caused by Musk. According to Reuters, Twitter executives stated during one of the internal town halls that the company would monitor staff attrition on a daily basis.
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Varushi Yadav
I'm a 4th-year law student at the University of Petroleum and Energy Studies, along with that I'm a creative content writer. So far I have written law-related articles, I like to explore more and I'm always ready to learn more.