Employees have been constantly concerned about losing their jobs since Tesla CEO Elon Musk owned Twitter for $44 billion. In recent weeks, CEO Parag Agrawal has been bombarded with questions about layoffs, Twitter 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 has already lined up a new CEO for Twitter to replace Agrawal once the $44 billion sale deal closes later this year. Last month, the billionaire told Twitter chairman, Bret Taylor, that he lacks confidence in the company management, implying a management restructure.
Agrawal, who took over as CEO from Jack Dorsey in November, is expected to stay on until the company is sold to Musk. Musk is said to have refused to reveal the identity of the replacement.
It was previously reported that Musk would be required to pay $43 million if he fired Agrawal within 12 months of Twitter change in control.
Elon Musk may fire Vijaya Gadde too
According to The New York Post, Musk intends to fire Twitter's legal chief Vijaya Gadde as well. If he is fired, Gadde is said to receive a $12.5 million severance package, which includes Twitter stock. She currently earns around $17 million per year and is one of the company highest-paid executives.
"Gadde, who earned $17 million as Twitter top legal counsel last year, could be on the chopping block as Musk reportedly plans to cut jobs and reduce executive pay as he seeks financing for his Twitter bid," the report stated.
Last week, Gadde-48-years-old, reportedly burst into tears while speaking to colleagues about the future of Twitter.
Concerned Twitter Employees
Employees have been questioning Agrawal since Musk owned Twitter, 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.
According to reports, Tesla CEO Elon Musk has pitched lenders on restructuring the board and slashing executive salaries, but the exact cost cuts are unknown. According to another Reuters report, Musk will not make job-cut decisions until he has full control of Twitter.
Agrawal addressed employee concerns by saying, "I believe the future Twitter organisation will continue to care about its impact on the world and its customers."