TWTR - Twitter Stock Forecast: The Initial Round Of Job Losses At Twitter Will Affect 25% Of The Company's Workers According To The Washington Post

According to a story published by the Washington Post on Monday, citing a person familiar with the situation, Twitter intends to let rid of a quarter of its workers as part of what is likely to be the first round of layoffs. Twitter ( NYSE:TWTR ) was acquired by the billionaire Elon Musk just the previous week.

According to the report, celebrity lawyer Alex Spiro, who has served as Musk’s legal representative for a significant amount of time, led the negotiations concerning the employment layoffs.

According to a regulatory filing, Twitter has over 7,000 employees as of the end of 2021, and a quarter of the number equates to nearly 2,000 employees.

Musk refuted a report that was published in The New York Times stating that Twitter employees would be laid off at a date sooner than November 1 in order to dodge stock grants that were due on that day.

A request for comment from Reuters was not immediately met with a response from Twitter.

On Thursday, sources told Reuters that Twitter Chief Executive Parag Agrawal, Finance Chief Ned Segal, and Legal Affairs and Policy Chief Vijaya Gadde were ousted by Twitter CEO Elon Musk following the conclusion of a six-month, $44 billion takeover drama involving the social media network.

The acquisition of Elon Musk and the shift in management may have an impact on Twitter stock price. F ollowing Musk’s takeover of GM, the company recently decided to temporarily ban advertising on Twitter .

Featured Image-  Unsplash @ Alexander Shatov

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