On October 4, Musk agreed to proceed on his originally proposed terms, and a Delaware Chancery Court judge gave the two sides until Oct. 28 to wrap up the deal.
That deadline was met, and now Musk, who is CEO of both Tesla Inc. and SpaceX, also controls Twitter, a service he uses often but criticizes openly, and that he has promised to change dramatically. The company’s shares are no longer expected to trade on the New York Stock Exchange.
However, Musk has terminated Twitter chief executive Parag Agrawal, chief financial officer Ned Segal, and legal affairs and policy chief Vijaya Gadde.Â
Elon Musk has the intention of starting to lay off employees at Twitter. Some managers had been told to write up lists of employees to be terminated.
Twitter employees have been bracing for layoffs since the transaction was announced in April, and Musk floated the idea of cost cuts to banking partners when he was initially fundraising for the deal.
Some potential investors were told Musk plans to cut 75% of Twitter’s workforce, which now numbers about 7,500, and expects to double revenue within three years, a person familiar with the matter said earlier this month.
While visiting Twitter headquarters on Wednesday, Musk told employees that he doesn’t plan to cut 75% of the staff when he takes over the company, according to people familiar with the matter.
There have been various reports that two men carrying boxes were seen outside the entrance of Twitter’s Francisco headquarters.
The employee was claiming that they have been laid off by Musk. However, one of them turned out to be a fake employee. One of them claimed to be a software engineer at Twitter by the name “Rahul Ligma”.
According to ET, there is no evidence that the employee exists on LinkedIn. His name doesn’t even exist in Twitter’s Slack or email system.
