Twitter lays off at least 50 employees in cost cuts: Report
Twitter resorted to its eighth round of job cuts to offset the drop in its revenues.
Sunday February 26, 2023,
1 min Read
Elon Musk'slaid off dozens of employees on Saturday in what is at least the eighth round of job cuts since Musk took over the social network in late October, The Information reported.
The job cuts impacted multiple engineering teams, including those supporting advertising technology, the main Twitter app, as well as technical infrastructure to keep Twitter's systems up and running, a Reuters report stated citing people with direct knowledge of the matter.
Twitter did not immediately respond to Reuters request for a comment.
In early November, Twitter laid off about 3,700 employees in a cost-cutting measure by Musk, who acquired the company for $44 billion.
The Information reported that the latest job cuts aim to offset the plunge in revenue following Musk's takeover and further whittle down a staff that had shrunk by at least 70% to roughly 2,000.
Musk, in November, said that the service was experiencing a "massive drop in revenue" as advertisers pulled spending amid concerns about content moderation.
Edited by Kanishk Singh