200 additional Twitter employees are reportedly let go

Building side bearing the Twitter logo

According to reports in the New York Times, Twitter has made at least 200 staff reductions.

It claimed that the tech company had cut 10% of its current workforce, or about 2,000 people.

Since Elon Musk became CEO of the company in October, Twitter has gone through several rounds of layoffs, firing about half of its 7,500 employees.

Mr. Musk tweeted, "Hope you have a good Sunday," as soon as the staff found out their fate. Your life's first day in its entirety. " .

The head of Twitter Payments, Esther Crawford, who oversaw the Twitter Blue verification subscription model, tweeted that she was "deeply proud of my team" after being one of those who had been released.

Additionally, senior product manager Martijn de Kuijper, whose newsletter tool Revue was acquired by Twitter in 2021, claimed he lost his job as a result of being locked out of his work emails.

Not because there hasn't been news about Twitter in a while, but rather because we've all grown accustomed to it, my phone hasn't blown up on a Sunday because of it.

More divisive platform changes to the user experience, and more provocative tweets from Elon Musk, the platform's owner. That drill is one we are accustomed to. But no one anticipated that Esther Crawford, who had become a prominent figure in the so-called Twitter 2.0, would be fired.

She uploaded a photo in November showing herself curled up in a sleeping bag and an eye mask on the floor of Twitter HQ. Under Mr. Musk, she has tirelessly encouraged the company's progress. Some people speculated that the product manager might eventually take over as the company's CEO. Prior to finding a replacement, Mr. Musk promised to step down from the position.

Once more, it exemplifies the new, hostile environment in which even the most devoted are defenseless. It will be well-known to many in the business world, and as budgets begin to tighten, big tech is increasingly moving in this direction.

In a tweet, Esther stated that it was "a mistake" to believe that her "optimism and hard work" had been a mistake. I'm incredibly proud of the team for persevering in the face of so much commotion and chaos, she wrote.

Last week at this time, she probably wouldn't have described it as "noise and chaos.".

The layoffs at Twitter are the most recent in a string of recent firings in the tech sector.

Even though Amazon, Microsoft, and Google-owned Alphabet jointly announced tens of thousands of layoffs, the industry as a whole is experiencing deep cuts.

At the end of January, six major tech companies, including Spotify, Intel, and IBM, lost over 10,000 jobs in just eight days.

The cuts to Twitter come a month after Reuters reported that the company had made the first interest payment on a bank loan that Mr. Musk had used to finance the acquisition.

He paid $44 billion (£37 billion) to acquire control, with $13 billion—or one-third of the total—covered by loans from banks like Morgan Stanley and Barclays.

Twitter is being used as collateral for these loans, so the tech company itself, not Elon Musk, is in charge of making the loan repayments.

Twitter reportedly paid the banks $300 million in January, according to Reuters.

There are more signs that the tech company is having financial difficulties in the interim.

The Crown Estate is suing it in the UK over allegedly unpaid rent for its London headquarters, and it is facing a similar lawsuit in the US over allegedly unpaid rent for its San Francisco headquarters.

Additionally, a lawyer for more than 100 former Twitter workers who were fired claimed to the BBC in February that the number of staff filing lawsuits against the business "goes up daily.".

I think I need to stabilize the organization and just make sure it's in a financially sound place, Mr. Musk said at this month's World Government Summit in Dubai.

"I'm assuming that finding a replacement for the current CEO would be a good idea closer to the end of this year, when I believe the business should be in a stable position.

. "

Source link

You've successfully subscribed to Webosor
Great! Next, complete checkout to get full access to all premium content.
Welcome back! You've successfully signed in.
Unable to sign you in. Please try again.
Success! Your account is fully activated, you now have access to all content.
Error! Stripe checkout failed.
Success! Your billing info is updated.
Billing info update failed.