Twitter Plans Further Layoffs | 50 People in the Production Division Could Lose Their Jobs
Per Reuters
After Elon Musk's acquisition of Twitter which cost $44 billion to take the company private, the new CEO of the social platform has made headlines for his countless actions with the now-private company. One of his most notable actions was cutting Twitter's staff count drastically; now, the company plans to let go of 50 more people.
As part of Elon Musk's cost-cutting efforts, different items previously used in Twitter offices are now being sold at auction. This even includes a neon blue Twitter bird logo sign and espresso machines.
The auction comes as Musk has significantly shrunk the company's staff and downsized its headquarters from six floors to just two. Heritage Global Partners are now handling the auction of the Twitter items.
The additional 50-person layoff would drop the company's staff levels to their lowest in over a decade. The news of Twitter's additional layoffs comes after Musk claimed he would no longer be laying off employees.
The news comes just two weeks after dozens of employees in advertising, monetization, and trust-and-safety departments lost their jobs. Last week, Twitter's Singapore and Australia offices also had their share of layoffs.
Should the company continue its constant layoffs, it would soon go below the 2,000 worker count. To explain the scale of these massive layoffs, Twitter IPO-ed with 2,700 employees in 2013, per Business Insider.
If Twitter effectively drops below the 2,000-worker mark, this would mean that Musk had trimmed the company's workforce by over 75%, more than initially expected when the billionaire acquired the social platform in October.
Despite Musk's cost-cutting measures, the company's revenue is down 40% year-over-year as it is still trying to figure out how to monetize its platform further. The Twitter CEO has been toying around with different ideas, like the $8 subscription and the addition of Coins, a feature that would potentially help people monetize their Twitter content.
See flow at unusualwhales.com/flow.
Other News:
- Twitter SF Headquarters Starts Auctioning Off Espresso Machines, Blue Bird Neon Signs, and More
- Twitter's revenue is down 40% year-over-year
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