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Musk denies reports he is firing Twitter employees in attempt to avoid payouts

Twitter's new owner Elon Musk has denied a New York Times report about laying off Twitter employees at a date earlier than Nov. 1 to avoid stock grants due on the day.

In a response to a Twitter user asking about the layoffs, Musk tweeted: "This is false."

The New York Times reported on Saturday that Musk has ordered job cuts across the company, with some teams to be trimmed more than others and that layoffs would take place before Nov. 1 date, when employees were scheduled to receive stock grants as part of their compensation.

According to media reports on Saturday, Musk fired top executives in an effort to avoid hefty severance payouts, while lining up other layoffs as soon as Saturday.

Musk fired Twitter Chief Executive, Chief Financial Officer and legal affairs and policy chief on completion of a high-profile $44 billion buyout of the social media platform on Thursday, people familiar with the matter told Reuters.

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