Half of Twitter staff set to lose their jobs as Elon Musk begins mass layoffs today: Report | The Financial Express

Half of Twitter staff set to lose their jobs as Elon Musk begins mass layoffs today: Report

Twitter reportedly has over 7,000 employees by the end of 2021.

Twitter
Half of Twitter staff set to lose their jobs as Elon Musk begins mass layoffs today: Report

Twitter will begin the formal proceedings of laying off what’s said to be a sizeable chunk of its existing staff starting today. All employees have reportedly (via The New York Times) been sent an email ahead of the layoffs saying, “In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday.” 


The email further read that all employees will be sent a notice, those being laid off will receive a notification on their personal email, while those who will continue in the company will be sent an email on their work account. 

Additionally, the employees were also asked not to disclose any confidential company information on any of the social media platforms or press. 

These layoffs were already speculated as Elon Musk was reportedly going to lay off as much as 57 per cent of the workforce. Keep in mind that this development comes just days after Elon Musk took over after acquiring the company for $44 billion.  

As per a regulatory filing, Twitter had over 7,000 employees by the end of 2021. 

Twitter in its email also mentioned that its offices will temporarily be closed, and all badge access will be suspended in order “to help ensure the safety of each employee as well as Twitter systems and customer data.” 

Upon taking control, Musk has already fired top Twitter executives which included former CEO, Parag Agrawal, finance chief, Ned Segal and legal affairs and policy chief, Vijaya Gadde. 

One of the main reasons behind the layoffs could be that Elon Musk doesn’t want to pay so much money to employees and even after paying for the deal he said that he ‘overpaid’. Elon Musk, on October 27 completed the deal by including some of his own money and took loans of $13 billion and now there may be some pressure to pay it back. 

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First published on: 04-11-2022 at 10:43 IST