Elon Musk has taken over Twitter and made headlines for firing the company’s CEO and top executives as soon as he came into power.
But now, insiders are revealing the real reason why he has chosen to take on this path over all others and it’s shocking, to say the least.
Musk reportedly fired four of Twitter’s executives ‘for cause’ as it was a part of a reported attempt to avoid paying out millions that arose under the clause of severance.
Insiders claim this is a part of the billionaire’s master strategy to institute huge layoffs across the firm. This is being done to avoid huge layoffs over the firm and to avoid making similar payments to the likes of regular employees.
Right before the huge $44 billion acquisition arose, Musk explained how he intended to eliminate about 75% of his workforce but then he quickly changed his statements and told workers that there was no truth in that statement and they didn’t need to worry about it.
The billionaire who was born in South Africa was seen eliminating all top executives and senior staff members which many referred to as a bold move.
Examples of team members from Twitter that were shown the door included the likes of the CEO, the chief financial officer, the lead for the company’s legal division, and also the general counsel.
Then during the early hours of Saturday, four of the top members were fired on the basis of ‘for cause’ so that it annulled any pre-formed and pre-agreed contracts regarding severance payments.
This weekend is definitely going to be in the spotlight too as more such layoffs are expected to make more people by surprise. Insiders claim this would help in preventing the members from getting the stock grant scheduled for November 1.