Elon Musk’s Twitter Inc laid off dozens of employees on Saturday, the Information reported. This is at least the eighth round of layoffs since Musk took over the social network in late October. Multiple engineering teams were affected, including those supporting advertising technology, the main Twitter app, and technical infrastructure to keep Twitter’s systems up and running, according to an early Sunday report in the U.S. technology focused publication, citing people with direct knowledge of the matter. Twitter did not respond immediately to Reuters’ request for comment.
Twitter laid off approximately 3,700 employees in early November as part of Musk’s cost-cutting measures after acquiring the company for $44 billion. According to The Information, the latest job cuts are intended to offset a drop in revenue as a result of Musk’s takeover and to further reduce a staff that had shrunk by at least 70% to around 2,000 people. Musk stated in November that the service was experiencing a “massive drop in revenue” due to advertisers withdrawing spending due to concerns about content moderation.
LAYOFF IN TWITTER
The layoffs come six weeks after Elon Musk reportedly told staff that there would not be further retrenchment and could reduce the company’s headcount to under 2,000, according to the report. Mr. Musk took over Twitter in October and swiftly moved through a number of product and organizational changes.
According to Warner, Twitter is unlikely to crash and die anytime soon due to technical issues. Indeed, it had numerous and frequent technical issues earlier in its development stages — the infamous fail whale era — and survived. The majority of these mass layoffs are from well-known corporations. The economy, inflation, higher interest rates, over hiring, and the COVID-19 pandemic job correction are all factors that contribute to tech layoffs.
LAYOFF
A layoff occurs when an employer fires an employee due to a halt in production, the need for a workforce with a different skill set, or the need to relocate the business. It differs from firing, in which an employee is let go due to their own bad behavior and malfeasance.
Workers who are laid off, in particular, have an easier time finding work than those who are fired. If an employee was let go because the company was trying to cut costs, he can explain the situation to potential employers.
BENIFITS OF LAYOFFSÂ
- The company is not required to continue paying benefits.
- Employees can begin looking for new opportunities without the false hope that your company will hire them back.
