Elon Musk starts massive layoffs of Twitter employees

The new owner of the social network Twitter has decided to fulfill his plans for large-scale reductions in the platform’s staff and, after dismissing the top executives, has taken on ordinary employees, the New York Times reports.

It is not yet known how many employees have been laid off over the past two days, but Musk had previously planned to cut up to 75% of the staff. The newspaper’s sources attribute the haste to Musk’s reluctance to pay bonuses and bonuses that the company is due to pay to current employees on November 1.

Interestingly, the compensation was foreseen in any case — it was spelled out in the details of the deal, which Musk closed last week with the help of Binance and other billionaire creditors. By the way, Binance will also help Musk in the fight against bots, which have become a big problem for Twitter.

NYT sources are confident that at least 50% of the current Twitter staff will lose their jobs in the coming days.