Elon Musk reveals real reason why he fired almost 50% of Twitter’s workforce | The Financial Express

Elon Musk reveals real reason why he fired almost 50% of Twitter’s workforce

He mentioned that the company was going through huge losses.

Elon Musk reveals real reason why he fired almost 50% of Twitter’s workforce
Elon Musk reveals real reason why he fired almost 50% of Twitter’s workforce

Elon Musk on Friday sacked almost 50 per cent of Twitter’s workforce globally. As per reports from multiple news publications, it has been confirmed that employees across various countries were asked to leave. Most of the staff from India have also been asked to leave.  

After this, Elon Musk via Twitter confirmed the sacking of almost 50 per cent of his employees. He stated “that the company had no choice as it was losing a lot of money on a daily basis. He further added that Twitter was losing $4M/day.”  

In his tweet, he further added, that severance packages had been provided to everyone who had been fired. “Everyone who was let go received 3 months of severance pay, which is 50% more than what is required by law,” he said. 

There have been worries that the platform’s continuous moderation may suffer as a result of Twitter’s workforce reductions. That is not the case, the newly appointed CEO of Twitter clarified. “To make it completely clear once more, Twitter’s strong commitment to content moderation remains unaffected. Contrary to what you may read in the press, we have actually observed a drop in hate speech this week that is *below* our historical averages. 

Prior to getting sacked, the employees got an unsigned memo which informed them about the layoffs. It read as follows, “Given the nature of our distributed workforce and our desire to inform impacted individuals as quickly as possible, communications for this process will take place via email. By 9 AM PST on Friday, Nov 4th, everyone will receive an individual email with the subject line: Your Role at Twitter. Please check your email, including your spam folder.” 

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

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 05-11-2022 at 15:06 IST