Elon Musk plans to begin layoffs at Twitter Inc. as early as Saturday after completing his acquisition of the social media platform, the New York Times reported, citing people with knowledge of the matter.
Managers have been asked to draw up lists of employees who will be cut, though the number of reductions couldn’t be determined, the newspaper said. The layoffs will take place before Nov. 1, when employees were scheduled to receive stock grants.
Twitter employees have been bracing for layoffs since the deal was announced in April, and Musk floated the idea of cost cuts to banking partners when he was initially fundraising for the deal.
