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https://www.nytimes.com/2022/04/25/technology/twitter-employees-elon-musk.html https://www.nytimes.com/2022/04/25/technology/twitter-employ... "At the meeting

https://www.nytimes.com/2022/04/25/technology/twitter-employees-elon-musk.html https://www.nytimes.com/2022/04/25/technology/twitter-employ... "At the meeting with employees on Monday, executives tried to assure employees that they wouldn’t be shortchanged by Mr. Musk’s acquisition. Mr. Agrawal told employees that their stock options would convert to cash when the deal with Mr. Musk closes, which he estimated would take between three and six months. Employees would receive their same benefits packages for a year after the deal was finalized and there were no immediate plans for layoffs, he added."

binarymax 5y ago
This is the best source, however I’m hardened and cynical and what execs “assure” in a meeting has no bearing on what they’ll do in 6 months.
- sofixa 5y ago
  If they're even there in 6 months. Musk can just fire them all and do whatever.
  - simonebrunozzi 5y ago
    YMMV, but that's what lawyers are for. Not the action of a single individual necessarily, but a group of disgruntled employees can pool their resources and hire a law firm to right a wrong. It's usually worth it when the "wrong" is big enough.
    - pc86 5y ago
      There has to actually be a wrong, though. Nobody at Twitter is entitled to their job for any period of time beyond today - anyone except probably the CEO and a few other C-suite folks can be let go with about ten seconds notice. And I'm 100% sure there are clauses in everyone's RSU contracts detailing what happens in the event of an acquisition.
- helsinkiandrew 5y ago
  It's up to what Musk wants to do with the existing workforce, but 'promising' existing plans/compensations will be upheld for a period gives him time to introduce some kind of option plan in the new Twitter holding company to retain staff he wants/needs and sack the rest before there's an exodus not of his choosing.
- xyzzy21 5y ago
  Just as the board and executives has fiduciary obligations to shareholders, employee option holders fall into that population as well. There are legal incentives/threats against not handling it fairly. The rule of law is a good thing.
unnouinceput 5y ago
<...there were no immediate plans for layoffs..> Heh, we all know the truth, hence why the question pop-up in the first place. Elon will cut deep in left and right among employees within an year. I guess only 30% of existing ones will still work at Twitter in a year after deal is done.
- inglor_cz 5y ago
  IDK why are you getting downvoted. Twitter is barely profitable, so layoffs are definitely in the picture, though I wouldn't go as far as predicting the total percentage of cuts. (Also, some people may decide that they are no longer a cultural fit and subsequently go elsewhere, where the workplace politics will be closer to their ideals. So there will be certain turnaround of staff just from that.) As for the top managers, they face a much more uncertain future, given that they are co-responsible for the current unsatisfactory situation.
- recuter 5y ago
  Well that's just impossible bud. The number of twitter employees in 2018 was 4000 and it is about double that now. What on earth do you think they've all been doing? You can't possibly run something like twitter with just 2000 employees like you suggest. The fail whale might reappear.
  - inglor_cz 5y ago
    If I read him correctly, he is saying that only 30 per cent of current employees will be there in a year. It is possible that some of them will be replaced by other people who now work elsewhere and who will try their luck with remodeled Twitter. There will likely be a major cultural shift at Twitter; for someone, deeply repulsive, for other people, possibly very attractive. So there might be significant staff churn even though the total numbers may stay similar.
  - johnmorrison 5y ago
    You can run something like Twitter with 500 good employees. That is, unless, you mean the massive manual censorship organization needed to "run" the current "algorithm", which Twitter will no longer be needing.

binarymax 5y ago

This is the best source, however I’m hardened and cynical and what execs “assure” in a meeting has no bearing on what they’ll do in 6 months.

sofixa 5y ago
If they're even there in 6 months. Musk can just fire them all and do whatever.
- simonebrunozzi 5y ago
  YMMV, but that's what lawyers are for. Not the action of a single individual necessarily, but a group of disgruntled employees can pool their resources and hire a law firm to right a wrong. It's usually worth it when the "wrong" is big enough.
  - pc86 5y ago
    There has to actually be a wrong, though. Nobody at Twitter is entitled to their job for any period of time beyond today - anyone except probably the CEO and a few other C-suite folks can be let go with about ten seconds notice. And I'm 100% sure there are clauses in everyone's RSU contracts detailing what happens in the event of an acquisition.
helsinkiandrew 5y ago
It's up to what Musk wants to do with the existing workforce, but 'promising' existing plans/compensations will be upheld for a period gives him time to introduce some kind of option plan in the new Twitter holding company to retain staff he wants/needs and sack the rest before there's an exodus not of his choosing.
xyzzy21 5y ago
Just as the board and executives has fiduciary obligations to shareholders, employee option holders fall into that population as well. There are legal incentives/threats against not handling it fairly. The rule of law is a good thing.

unnouinceput 5y ago

<...there were no immediate plans for layoffs..> Heh, we all know the truth, hence why the question pop-up in the first place. Elon will cut deep in left and right among employees within an year. I guess only 30% of existing ones will still work at Twitter in a year after deal is done.

inglor_cz 5y ago
IDK why are you getting downvoted. Twitter is barely profitable, so layoffs are definitely in the picture, though I wouldn't go as far as predicting the total percentage of cuts. (Also, some people may decide that they are no longer a cultural fit and subsequently go elsewhere, where the workplace politics will be closer to their ideals. So there will be certain turnaround of staff just from that.) As for the top managers, they face a much more uncertain future, given that they are co-responsible for the current unsatisfactory situation.
recuter 5y ago
Well that's just impossible bud. The number of twitter employees in 2018 was 4000 and it is about double that now. What on earth do you think they've all been doing? You can't possibly run something like twitter with just 2000 employees like you suggest. The fail whale might reappear.
- inglor_cz 5y ago
  If I read him correctly, he is saying that only 30 per cent of current employees will be there in a year. It is possible that some of them will be replaced by other people who now work elsewhere and who will try their luck with remodeled Twitter. There will likely be a major cultural shift at Twitter; for someone, deeply repulsive, for other people, possibly very attractive. So there might be significant staff churn even though the total numbers may stay similar.
- johnmorrison 5y ago
  You can run something like Twitter with 500 good employees. That is, unless, you mean the massive manual censorship organization needed to "run" the current "algorithm", which Twitter will no longer be needing.