Tesla CEO Elon Musk has taken to Twitter to address a “false” report by The New York Times that he planned to lay off some Twitter employees before Nov. 1 to avoid payouts in their contracts.
The New York Times, citing “four people with knowledge of the matter” reported on Oct. 29 that billionaire Musk planned to start laying Twitter workers off as soon as Saturday ahead of Nov. 1, when employees were scheduled to receive stock grants as part of their compensation.
“Such grants typically represent a significant portion of employees’ pay. By laying off workers before that date, Mr. Musk may avoid paying the grants, though he is supposed to pay the employees cash in place of their stock under the terms of the merger agreement,” the publication wrote….