Twitter’s new proprietor Elon Musk has denied a New York Times report about shedding Twitter workers at a date sooner than November 1 to keep away from inventory grants due on the day.

In a response to a Twitter person asking in regards to the layoffs, Musk tweeted: “This is false.”

The New York Times reported on Saturday that Musk has ordered job cuts throughout the corporate, with some groups to be trimmed greater than others and that layoffs would happen earlier than November 1 date, when workers have been scheduled to obtain inventory grants as a part of their compensation.

Citing unidentified folks conversant in the matter, the Times reported the cuts may start as quickly as Saturday.

According to media experiences on Saturday, Musk fired prime executives in an effort to keep away from hefty severance payouts, whereas lining up different layoffs as quickly as Saturday.

Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and authorized affairs and coverage chief Vijaya Gadde on completion of a high-profile $44 billion (roughly Rs. 3,62,300 crore) buyout of the social media platform on Thursday, folks conversant in the matter instructed Reuters.

He had accused them of deceptive him and Twitter buyers over the variety of faux accounts on the platform. According to analysis agency Equilar, the executives stood to obtain separation payouts totaling some $122 million (roughly Rs. 1,005 crore).

Citing unidentified folks conversant in the matter, The Information reported that Elon Musk terminated 4 prime Twitter executives, together with Agrawal and Segal “for cause,” in an obvious effort to keep away from severance pay and unvested inventory awards.

In a tweet on Saturday LightShed analyst Rich Greenfield stated Musk fired prime Twitter execs “for cause,” stopping their unvested inventory from vesting as a part of a change of management.

Twitter didn’t instantly reply to Reuters’ request for remark.

Reuters wasn’t instantly capable of contact the fired executives.

Director of analysis at Equilar Courtney Yu instructed Reuters on Friday that the fired executives “should be getting these (severance) payments unless Elon Musk had cause for termination, with cause in these cases usually being that they broke the law or violated company policy.”

© Thomson Reuters 2022