Layoffs, salary structure, what will change when Elon Musk takes charge?
Elon Musk is taking over Twitter, one of the world’s most popular social media platforms, for a whopping $44 billion cash deal. A staunch supporter of free speech, Musk wants to make Twitter “better than ever”. The 16-year-old company will be a private entity and will be 100% owned by the famed Tesla CEO once the deal closes.
What will happen to Twitter employees once Musk takes charge later this year? Hours after it was announced that Twitter had accepted Musk’s proposal, CEO Parag Agrawal clarified what the deal would mean for employees during a virtual call. He spoke about the future of the company, layoffs and possible changes in the board of directors.
Twitter employees: will there be a layoff?
Will Elon Musk keep all the employees? Agrawal told employees that there would be no big change until the deal is closed by the end of this year. “There are no redundancy plans at this stage,” the CEO assured employees at this stage. “Between now and the shutdown…we will continue to make decisions as we always have, guided by the principles we have,” he said.
Speaking of the regime changes, he added, “That’s not to say things won’t change, things have changed…I’ve talked about driving positive change in the business, and I will continue to do so. because it makes us better and it makes us stronger.Once the deal is done, different decisions could be made.
Twitter Employee Salary:
As Twitter becomes a private entity, Musk must implement a new structure to pay employees. There will be no more stock options for employees. Will Tesla boss offer stock options to employees? Or will the social media company go public for the second time?
“Time of Uncertainty”
The deal comes at a time when there is stiff competition for talent in the tech industry. Speaking about the future, the CEO said: “It is indeed a time of uncertainty… You all have different feelings and views on this news, many of you are worried, some of you you are excited, a lot of people here are waiting to figure out how it goes and have an open mind.
Will Parag Agrawal remain the CEO?
Paral Agrawal took over as CEO of Twitter just five months ago, after taking over from co-founder Jack Dorsey.
During the virtual meeting with Twitter employees, he said he would remain CEO until the deal is done. Twitter’s board will disband once Elon Musk takes over, said Brett Taylor, independent chairman of the board. “There is indeed uncertainty as to what will happen after the deal is done,” Agrawal said.
Now Musk can take on the leadership role himself. But with Tesla and SpaceX, he already has too much to do. It is therefore quite possible that he will hire a new CEO to lead the company.
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