Elon Musk reportedly ordered company-wide layoffs on Twitter

Elon Musk has reportedly ordered company-wide cuts, with some departments affected more than others.

Twitter currently has about 7,500 employees, and some executives have been asked to prepare a list of employees to be laid off, the Times reported.

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The layoffs could occur before November 1 because employees are typically scheduled to receive stock grants as part of their compensation. The stock grants "typically represent a significant portion" of their salaries, according to the Times, and the billionaire may not have to pay those grants if his company fires employees before that date. https://twitter.com/elonmusk/status/1586108809772089345 Musk completed his $44 billion acquisition of Twitter on Thursday, firing former CEO Parag Agrawal, chief financial officer Ned Segal and policy chief Vijaya Gadde after taking ownership. Musk reportedly told investors before completing the $44 billion takeover that Twitter planned to lay off 75% of its workforce.

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However, Musk is said to have told employees this week that he will not significantly reduce the workforce. While the billionaire has not shared explicit details about his plans for the company, he has shared his overarching vision for a "shared digital town square" where people can discuss a wide range of beliefs in the same place. Musk addressed the topic of food on Twitter on Saturday. "Freshly baked bread and pastries are some of life's greatest joys," he tweeted. https://twitter.com/elonmusk/status/1586410852646674432 Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!