Twitter’s Grand Release – Elon Makes Layoffs 👋

Twitter’s Grand Release – Elon Makes Layoffs

Stage 2 of Twitter: Redefined seems to be underway, and this one shifts the focus back onto the employees of the company. After clearing the top brass of the business and taking the role of CEO, Musk looks to clear the clutter at the bottom level. Twitter informed employees on Thursday that layoffs would occur, and staff would be notified if they were affected. This decision was expected, but in a cheeky move, it wasn’t disclosed how many employees were laid off, leading to speculation of the number. Twitter currently has more than 7,500 employees, and one investor informed the Wall Street Journal that 50 percent of that could be cut. This number is the most popular estimate, with those familiar saying that anywhere from 2,000 to 3,750 jobs could be on the chopping block.

Musk wants to remove these jobs because he believes there are too many managerial roles in the company, and he hates these jobs compared to technical talent. The number of employees at Twitter has rapidly increased from the level of 4,000 in 2019, and it’s leading to an increase in expenses that have been reflected in the company’s financials. If the estimates are correct, Twitter’s workforce could be returning to its levels a decade ago, and this follows suit with other social media companies. As we saw recently, Snap laid off 20 percent of its workforce to cope with current economic conditions, and further numbers will tell us how deep the cut really is.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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