Elon Musk’s , Twitter Layoffs Begin.
The Verge reports that an internal memo was sent to Twitter employees on Nov.
4.
In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday, Twitter, via internal memo.
We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company’s success moving forward, Twitter, via internal memo.
The memo doesn't state how many employees will be let go, but The Verge reports that nearly half of the company's 7,500 workers are expected to be cut.
Back in June, Musk touched on the fact that Twitter was spending more than it was bringing in.
Right now, the costs exceed the revenue.
So that’s not a great situation to be in.
, Elon Musk, via meeting with employees, as reported by The Verge.
And so there would have to be some rationalization of headcount and expenses to have revenue be greater than cost.
, Elon Musk, via meeting with employees, as reported by The Verge.
Otherwise, Twitter is simply not viable or can’t grow, Elon Musk, via meeting with employees, as reported by The Verge.
The layoffs are part of the many changes Musk has begun to implement since taking over Twitter on Oct.
28.
Such changes include firing CEO Parag Agrawal, dissolving Twitter's board and raising the price of Twitter Blue.
Such changes include firing CEO Parag Agrawal, dissolving Twitter's board and raising the price of Twitter Blue
