According to sources, it is reported that Elon Musk is firing some top heads on Twitter. Billionaire Elon Musk has reportedly already lined up a new Chief Executive for Twitter who will be replacing Parag Agrawal after the $44 billion sale deal is completed later this year.
Since Tesla CEO Elon Musk bought Twitter for $44 billion, employees have been incessantly worried about losing jobs. In the past few weeks, CEO Parag Agrawal has been bombarded with multiple questions regarding layoffs, and the future of the company, among many more. Regarding job cuts, Agrawal assured us that nothing of that sort is taking place for now. However, a new report from Reuters is suggesting a different story.
Sources close to the publication were informed that Musk has already lined up a new Chief Executive for Twitter who will be replacing Agrawal after the $44 billion sale deal is completed. Last month, the billionaire had told Twitter’s chairman Bret Taylor that he does not have confidence in the company’s management, hinting toward the reconstruction at the management level.
Agrawal, who replaced Jack Dorsey as CEO this past November, is expected to serve his role until the deal of the company to Musk is completed. Musk has reportedly declined to reveal the identity of the chosen replacement.
It was previously reported that Musk will have to pay $43 million if he happens to fire Agrawal within 12 months of a change in control at Twitter.
Elon Musk is firing Vijaya Gadde too?
Musk reportedly has plans to fire Twitter’s legal head Vijaya Gadde, as a report from The New York Post had revealed. If removed from the position, Gadde will be receiving a severance package worth $12.5 million which would include Twitter shares, reports The New York Post.
She currently makes around $17 million a year; she is one of the highly paid executives at the company.
“Gadde, who earned $17 million this past year as Twitter’s top legal counsel, could be let go as Musk is reportedly planning to slash jobs and reduce executive pay. As Musk looks to secure financing for his bid,” according to the report.
As per reports the 48-year-old Gadde reportedly broke down in tears at the time of addressing colleagues regarding the future of Twitter last week.
Elon Musk had also tweeted a meme that painted her as oblivious to a “liberal bias” on Twitter. As she was seen appearing on Joe Rogan’s podcast ‘The Joe Rogan Experience’ in 2019 with Jack Dorsey.
The world’s richest man had openly criticized Gadde for suspending the account of The New York Post. Which wrote an exclusive article on Hunter Biden’s laptop during the run-up to the 2020 US presidential elections.
“Suspending the Twitter account of a major news organization for publishing a truthful story was obviously inappropriate,” Musk tweeted.
Responding to online criticism directed at Gadde, a top Twitter executive defended her, while accusing Musk of “misogyny”.
Lara Cohen, Twitter’s global head of partners, shared messages of support for Leslie Berland, Twitter’s chief marketing officer.
“Color me shocked SHOCKED that people are coming for two of our prominent female executives on day 1 of this thing,” Cohen had tweeted.
Worried Twitter employees
Ever since Musk bought Twitter, the employees have been questioning Agrawal if their job is secure or if they should be looking for other options. During a recent company-wide meeting, employees pushed for answers on how the managers plan to handle an anticipated mass exodus prompted by the soon-to-be new owner Musk. As per Reuters, Twitter executives said that the company would monitor staff attrition on a daily basis.
According to reports, the Tesla CEO has pitched lenders on restructuring the board and slashing executive salaries. Another report from Reuters stated that Musk would not make decisions on job cuts until full ownership of Twitter is taken.
Addressing employees’ concerns, Agrawal commented “I believe the future Twitter organization will continue to care about its impact on the world as well as its customers.”
If you liked this article (or if it helped at all), leave a comment below or share it with friends, so they can also know Why Elon musk is firing this Indian employee who makes $17 million a year.