Twitter’s new owner Elon Musk has reportedly fired a string of top executives “for cause”, in a bid to avoid paying out lofty severance packages after finally completing a $44bn takeover.
The weekend layoffs included Twitter chief executive Parag Agrawal, chief financial officer Ned Segal and legal affairs and policy chief Vijaya Gadde, Reuters reported, citing people familiar with the matter.
According to research firm Equilar, the executives stood to receive separation payouts totaling some $122m (£105m).
More job cuts loom across the company, according to the New York Times on Saturday, following similar moves by Microsoft and Intel.
The outlet reported that the redundancies would happen before 1 November, when employees are scheduled to receive stock grants as part of their compensation.
As part of Musk’s first moves to shape the social media platform into the world’s so-called ‘town square’, Musk announced that he will be forming a content moderation council with “widely diverse viewpoints”.
Musk, self-proclaimed “Chief Twit” wrote on Twitter: “No major content decisions or account reinstatements will happen before that council convenes.
“To be super clear, we have not yet made any changes to Twitter’s content moderation policies.”
City A.M. has contacted Twitter for comment.