— Twitter to lay off about 3,700 employees, starting from this week.
— Company boss, Elon Musk, says that job cuts are important because of huge operating cost daily loss.
Elon Musk has come out to say that the lay offs at Twitter was necessary because the company was losing $4 million daily. According to reports, the social media firm would be cutting 50% of its staff lose, which is nearly more than any other company we have seen take similar action this year.
Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day.
Everyone exited was offered 3 months of severance, which is 50% more than legally required.
— Elon Musk (@elonmusk) November 4, 2022
Before ascending to the throne of the microblogging platform, Musk’s deal had been plagued with drama. One of such drama included reports that about 75% of employees would be fired. However, on taking over, rumours claimed that the billionaire would not go that far in thinning its staff strength.
It seems now that the early stories were nearly right on the money. While industry experts said that the company could not run with 25% of its staff, doing it with 50% may also be grueling. The lay offs allegedly began on Friday, November 4, 2022, and several users appeared online claiming to be leaving the company.
With experts believing that Elon Musk had overpaid for Twitter, the layoffs make sense. It also comes at the same time that the company began charging $8 for users to join its premium service, Twitter Blue, and get verified.
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