TWTR - Elon Musk Reportedly Starts Layoffs At Twitter

Media reports over the weekend suggest that %ElonMusk has begun layoffs at %Twitter () just days after taking control of the social media platform.

Musk took to Twitter to deny a report in The New York Times newspaper that said he plans to layoff Twitter staff before the start of November to avoid having to make payouts related to employee stock awards.

Replying to The New York Times article, Musk tweeted “This is false.”

Late last week, Musk completed his $44 billion U.S. takeover of the %SocialMediaPlatform after months of legal fighting over the deal.

Already, Twitter’s top executives, including its chief executive officer and chairman, have left the company.

The New York Times article said Musk wanted the layoffs completed before November 1 when workers are due to receive grants of shares in the company as part of their financial compensation.

Separately, in response to a question about users getting verified on Twitter and gaining a “blue check mark” authenticating them as a legitimate user on the platform, Musk said that process will be revised.

Some media reports suggest that Musk plans to charge users to become verified on Twitter.

Musk also started a Twitter poll over the weekend asking his more than 112 million followers whether he should bring back the short-video app “Vine.”

Twitter is now being taken private after Musk paid $54.20 per share for the company.