Elon Musk is Twitter’s new owner and CEO. Twitter employees wake up to shocking reality and no office access as Musk begins global layoffs these days. Twitter employees took it to Twitter to post their final goodbyes and express gratitude. Elon Musk ordered a global job cut and makes a move a week after uncertainty about Twitter’s future under the new leader Elon Musk, to attain economies of scale and make the $44 billion takeover deal viable, the micro-blogging platform has started laying off employees in India.
“Everyone received an email”
Elon Musk began mass layoffs on Friday, firing half of the company’s 7,500 staff or about half the workforce, as he seeks to slash costs and impose a demanding new work ethic, Musk also added, Employees were offered 3 months of severance, which is 50% more than legally required. Musk posted his first Tweet regarding reduction in force, that he had no other choice because social media site Twitter was losing more than $4 million per day. As per reports, about 200 employees in India have been fired.
Why The Employees Were Fired ?
Twitter sued Musk for breaching a binding agreement to purchase the firm, has put the richest man in the world under financial pressure — leaving him with around $13 billion in debt for the acquisition. Musk acquired the company, its management appears to have been entirely cleared after all members in the Board Of Directors were fired too, through a mix of firings and resignations. Musk also brought in more than 50 engineers and employees from his other companies, including electric carmaker Tesla, to review the layoff list.
Also, for the past 10 years, Twitter (like other social media companies) has been losing money due to a decline in digital advertising. The widespread cuts to Twitter’s workforce has not only raised concerns about the company’s ability to battle misinformation before the looming US midterm elections, but has also been met with a class action lawsuit, which alleges that the sudden layoffs were in violation of California and The Federal Law.
Twitter also said in an email that its office would be temporarily closed, to ensure the safety of each employee as well as Twitter system and customer data. The staff layoff will take place across the company’s offices worldwide. The internal memo on layoffs said that most Twitter locations across the globe are likely to be impacted.
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