Elon Musk’s takeover could mean an entirely different Twitter for his staff and CEO

The exterior of the Twitter office on April 26, 2022 in New York City. Kena Betancourt/VIEW press

Elon Musk has laid out many ideas about how he plans to improve Twitter for its users, such as eliminating malicious bots, removing ads, and opening up the platform’s algorithms. As for the company’s 7,000 employees, everything is much less transparent and definite.

Twitter Chairman Bret Taylor assured staff at a general meeting on the afternoon of April 25 that the board’s agreement to sell Twitter to Musk prioritizes “business continuity” at least until the close of the deal, which is likely to take three to six months. After that, no one but Musk has definitive answers.

Many Twitter employees are asking questions about layoffs, pay cuts, leadership changes, and the possibility of returning some banned accounts, such as that of former President Donald Trump. The company said Musk is expected to host a Q&A session with Twitter employees in the future. Here’s what we know so far:

Layoffs and changes in management?

Following the acquisition, Twitter’s 11-member board will be disbanded, chairman Taylor said, leaving the company’s future decisions in Musk’s sole hands.

Twitter CEO Parag Agrawal said of employees on Monday by all means that there will be no layoffs “at this time” and that he will remain as CEO until the deal closes.

“We don’t have all the answers,” Agrawal told his staff. “This is a period of uncertainty.”

One victim could be Agrawal, who was named CEO of Twitter in November 2021 following the resignation of his predecessor, Jack Dorsey. Prior to that, he was the company’s technical director.

Musk, Dorsey’s friend, doesn’t seem to like his successor very much. In December 2021, shortly after Agrawal took the job, Musk taunted him by posting a photoshopped meme on Twitter depicting the executive branch as former Soviet dictator Joseph Stalin and Dorsey as Nikolai Yezhov, an associate of Stalin who was assassinated at his behest. .

The tweet was allegedly a blow to Agrawal for his past comments in defense of censorship on Twitter.

Employee flight and pay cuts?

Many Twitter employees are nervous about working for Musk. This was told by the former head of Twitter, who now heads another company. business insider messages and calls from Twitter employees asking about job opportunities have “become daily” since Musk proposed the takeover.

For those planning to stay, the big question is what will happen to their salary packages once the company goes private. Many Twitter employees receive half or more of their remuneration in the form of stock options. When Twitter goes private, they will lose access to the long-term valuation of Twitter shares.

Agrawal told employees at Monday’s general meeting that their legal stock options would be converted into cash at the close of the deal. Employees will continue to receive bonuses in accordance with the company’s vesting schedule and will receive the same benefits for a year after the completion of the transaction.

Another common problem is wage cuts. Managers and engineers at Twitter are paid significantly more than their equivalents at other companies run by Musk. A senior software engineer at Twitter earns up to half a million dollars a year, including base salary, promotions, and cash bonuses. Levels, an information site about tech careers and rewards. A similar position at Tesla brings in only half the amount. Level Data.

“It is known that Musk does not pay well. So [the] the company may succeed, but will [an] exodus of engineers, Amazon employee wrote On Monday, in a thread titled “Bye, Twitter?” on Team Blind, an anonymous online forum for verified techies.

“Expect layoffs in high-paying leadership positions,” Twitter employee. commented under the same thread.

“Can someone just tell me if I’m rich or fired, please” – Ned Miles, Lead Audience Analyst on Twitter from the UK, tweeted Monday afternoon.

End of WVH?

Musk’s takeover could also mean an end to working from home, a policy introduced by Dorsey in October 2020 when he was CEO. Twitter was the first major tech company to allow full-time remote work during the pandemic. This decision influenced similar policies in many Silicon Valley companies.

That could change under Musk’s leadership. “Elon is notorious for firing WFH and contractors,” a SpaceX employee said. published in the team of the blind.

At the beginning of the pandemic, Tesla allowed employees to stay at home if it was inconvenient for them to come to the plant. But in June 2020, while the policy was still in place, Musk fired two Tesla workers for “not being able to return to work.”

“High communication penalty for remote work, meaning that the growth in talent that won’t move must be very high,” Musk tweeted in December 2019 in response to a question regarding his opinion on remote work.

Elon Musk'S Takeover Could Mean An Entirely Different Twitter For His Staff And Ceo