(Reuters) – New Twitter owner Elon Musk fired top executives to avoid large severance payments, while planning other layoffs as early as Saturday to avoid paying stock grants due Nov. 1, media reported on Saturday.

Musk fired Twitter CEO Parag Agrawal, chief financial officer Ned Segal and head of legal affairs and policy Vijay Gade after completing a high-profile $44 billion purchase of the social media platform on Thursday, people familiar with the matter told Reuters.

He accused them of misleading him and Twitter investors about the number of fake accounts on the platform. According to research firm Equilar, the executives were to receive severance payments totaling about $122 million.

Citing unidentified people familiar with the matter, The Information reported that Elon Musk fired four top Twitter executives, including Agrawal and Segal, “for cause” in an apparent attempt to avoid severance pay and stock awards.

In a tweet Saturday, LightShed analyst Rich Greenfield said Musk fired Twitter’s top executives “for cause,” not allowing them to transfer their shares as part of a change in control.

Twitter did not immediately respond to Reuters’ request for comment.

Reuters was not immediately able to contact the fired executives.

Courtney Yu, director of research at Equilar, told Reuters on Friday that fired Twitter executives “should have received those (severance) payments unless Elon Musk had a reason to terminate, which in those cases was usually because they violated law or company policy. ยป

Meanwhile, The New York Times reported on Saturday that Musk had ordered job cuts across the company, with some teams cut more than others and the layoffs taking place before the Nov. 1 date when employees were to receive stock grants in as part of their compensation.

Citing unidentified people familiar with the matter, the Times said the cuts could begin as early as Saturday.

(Reporting by Jaivir Singh Shekawat in Bangalore; Editing by William Mallard and Kenneth Maxwell)

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