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May 2, 2022Ever since Tesla CEO Elon Musk bought Twitter for $44 billion, employees have been constantly worried about losing their jobs. In the last few weeks, CEO Parag Agrawal has been bombarded with multiple questions regarding layoffs, the future of Twitter, and more. As for job cuts, Agrawal assured that nothing of that sort is happening for now. But, a new report from Reuters suggests a different story.
Sources close to the publication were informed that Musk has already lined up a new Chief Executive for Twitter who will replace Agrawal once the $44 billion sale deal is completed later this year. Last month, the billionaire told Twitter’s chairman Bret Taylor that he does not have confidence in the company’s management, hinting at restructuring at the management level.
Agrawal, who replaced Jack Dorsey as CEO last November, is expected to serve his role until the sale of the company to Musk is completed. Musk reportedly declined to reveal the identity of the replacement.
It was previously reported that Musk will need to pay $43 million if he fires Agrawal within 12 months of a change in control at Twitter.
Musk reportedly plans to fire Twitter’s legal head Vijaya Gadde as well, a report from The New York Post revealed. If removed from the position, Gadde is said to get a severance package worth $12.5 million, including Twitter shares. She currently makes about $17 million a year and is one of the highly paid executives at the company.
Ever since Musk bought Twitter, employees have been questioning Agrawal if their job is secure or should they look for other options. During a recent company-wide meeting, employees demanded answers on how the managers plan to handle an anticipated mass exodus prompted by Musk. As per Reuters, during one of the internal town halls, Twitter executives said the company would monitor staff attrition on a daily basis.
As per reports, the Tesla CEO has pitched lenders on restructuring the board and slashing executive salaries, but exact cost cuts remain unclear. Another report from Reuters also stated that Musk would not make decisions on job cuts until he takes full ownership of Twitter.
Addressing employees’ concerns, Agrawal said “I believe the future Twitter organisation will continue to care about its impact on the world and its customers.”
