Twitter will allegedly begin laying off employees on Friday, only a week after Elon Musk bought ownership of the company. According to internal texts obtained by The New York Times and The Washington Post, almost half of the company’s employees would be let off. This is consistent with similar findings from earlier this week.
Musk wasted no time in making staff changes after assuming control of Twitter. His first step was to fire then-CEO Parag Agrawal and the rest of the executive team. Several additional executives have recently departed the firm. Twitter said in an email to employees that the firm must “go through the arduous process of reducing [its] worldwide workforce on Friday” and that the action “is regretfully required to guarantee the company’s success going ahead.”
Twitter’s headquarters will be closed on Friday, and all staff have been urged to remain at home and await word on their fate. Those who maintain their positions will get an email with the subject “Your Role at Twitter” sent to their work email addresses. Twitter will notify those who have been laid off by personal email about the next actions to take.
Because Twitter is now a privately owned company, it no longer has to account to shareholders. However, the company’s bottom line still has to be improved. It is responsible for nearly $1 billion in year interest payments on the debt Musk incurred when he purchased the firm. Twitter lost $270 million in the three months ending June 30th. So, it has to produce more money and/or cut expenditures as soon as possible.
Some large advertisers are wary about the new environment, and Twitter is attempting to diversify its funding streams. Musk intends to charge $8 per month for Twitter Blue, which verified users must pay for in order to keep their blue checkmark. According to Musk, the service would have new features like as less advertisements and the option to add longer videos in tweets. According to reports, the Twitter Blue may be raised from $5 to $8 per month as early as Monday. According to reports, the business is also working on a strategy to provide sponsored video uploads, which it may use to commercialize pornographic material.
