Elon Musk’s Twitter Tells Staff Layoffs Will Be Announced Friday

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Elon Musk’s Twitter Tells Staff Layoffs Will Be Announced Friday

wall street journal2022-11-04

Twitter Inc. has told employees it would notify them about head-count reductions on Friday, a move that comes about a week after billionaire Elon Muskacquired the social-media company.The company, in ...

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robot1234
·2022-11-05
Elon Musk says Twitter has had ‘massive’ revenue drop as advertisers pause spending. Twitter has suffered a “massive drop in revenue” because of advertisers pausing spending on the social media platform, Twitter and Tesla CEO Elon Musk said Friday without providing numbers. Major companies including General Mills, Audi and General Motors said they would temporarily pause their ad spending on Twitter to see how things would change there under Musk’s ownership. Twitter’s ad revenue had been on the decline before Musk’s takeover was complete, and before civil society organizations began pressuring brands, according to ad analytics platform MediaRadar. Musk in a tweet Friday, addressed the layoffs, saying: “Regarding Twitter’s reduction in force, unfortunately there is no choice when the compa
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- Ku9787:
  Ok
  2022-11-05
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- qazwsxedcrfv:
  [Like]
  2022-11-05
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- BIJAYA242:
  Nice
  2022-11-05
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Deonc
·2022-11-04
Twitter is planned to layoff thier head-counts
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iamateh
·2022-11-04
wow
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WilKoh
·2022-11-04
Wow
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- zhengliang96:
  k
  2022-11-04
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- T20211211013:
  .
  2022-11-04
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- AllFathers:
  ok
  2022-11-04
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kaido
·2022-11-04
Ok
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- SnowCliff:
  K
  2022-11-04
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Just Josh
·2022-11-04
[Smile]
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Zwei2
·2022-11-04
K
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- TTrade:
  Oo
  2022-11-04
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simis
·2022-11-04
Like pls
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- WilKoh:
  Done
  2022-11-04
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- Minnieee:
  Ok
  2022-11-04
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- Syee:
  kk
  2022-11-04
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Verine
·2022-11-04
Nice
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- Zwei2:
  k
  2022-11-04
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- Verine:
  nice
  2022-11-04
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LongZR
·2022-11-04
Nice
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- LongZR:
  nice
  2022-11-04
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K74
·2022-11-04
Oh
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- K74:
  Brutal
  2022-11-04
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- K74:
  Is
  2022-11-04
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- K74:
  This
  2022-11-04
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Ruixiang
·2022-11-04
Q
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- Ruixiang:
  Y
  2022-11-04
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patrickLai
·2022-11-04
Brutal Musk
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- bernardtayet:
  No job is stable. Acquisition and mergers. Sad.
  2022-11-04
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- patrickLai:
  out for the kill
  2022-11-04
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Hi001
·2022-11-04
Like
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- Hi001:
  Ok
  2022-11-04
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- Hi001:
  Ok
  2022-11-04
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- Hi001:
  Ok
  2022-11-04
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MasterStonker
·2022-11-04
Cut cut cut
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- MasterStonker:
  ya
  2022-11-06
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- bernardtayet:
  Need to invest in shares when dip to cushion job risks. [smile]
  2022-11-04
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- JeremyEe:
  tuc
  2022-11-04
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assassinyj
·2022-11-04
😂
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2
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- assassinyj:
  HAha
  2022-11-04
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kkennn
·2022-11-04
Okk
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- ngmi:
  k
  2022-11-04
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puaychoo
·2022-11-04
Ok
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- ApacheFire:
  Yes
  2022-11-04
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- szeYah:
  Ok
  2022-11-04
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trojan1337
·2022-11-04
Like
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- Stormriders28:
  Ok
  2022-11-04
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- kkennn:
  Ok
  2022-11-04
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gnohnaix
·2022-11-04
Ys
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- gkwok1902:
  Ok
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Twitter had more than 7,500 employees at the start of this year, according to a regulatory filing.The email seen by The Wall Street Journal said employees would receive a message by 9 a.m. PT Friday about whether they were affected.The staff reductions were intended “to place Twitter on a healthy path,” according to the company’s email. “We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company’s success moving forward,” the company added.The layoffs capa tumultuous period for Twitter staffthat began in April, when the company first disclosed Mr. Musk had become its largest individual shareholder. Mr. Musk then agreed to join Twitter’s board, before deciding not to. He launched a bid for the company that Twitter eventually accepted. Weeks later Mr. Musk raised questions about the deal, then tried to abandon it, before reversing course again last month and sayinghe would go ahead with the transaction. Along the way, he at times criticized the company and its executives.The Thursday email said Twitter’s offices would be temporarily closed to ensure the safety of employees, the company’s systems, and customer data. Employees who were in an office or on their way to one were asked to go home, according to the email.Twitter employees have been bracing for job cuts. The Wall Street Journal previously reported that the companywas drafting plans for broad layoffs, with one investor saying up to 50% of staff could be cut and that employees would be evaluated to determine the scope of the firings.On Wednesday, employees and people familiar with the situation were sharing estimates ranging from more than 2,000 to nearly 3,750 layoffs, the latter equating to about half of the number of employees Twitter had at the beginning of this year.Mr. Musk has long expressedlittle appreciation for managerial roles, instead emphasizing the value of technical talent. He reiterated that view shortly after taking over Twitter, tweeting Sunday, “There seem to be 10 people ‘managing’ for every one person coding,” in response to a user who asked what he viewed as the company’s biggest problem.In April, as Mr. Musk was moving to buy Twitter; entrepreneur Jason Calacanis, a close ally, suggested cutting the number of Twitter employees to roughly 3,000, according to messages between the two, which were released as part of litigation around the transaction.A staff of 3,000 would represent the lowest level since 2013, the year Twitter went public, when the platform had about 2,700 employees and its revenue was roughly 13% of its level last year.Twitter’s employee numbers began climbing in 2019, after ranging between approximately 3,000 and 4,000 for several years. Twitter has said that the increase in recent years was driven by investments in engineering, product, design and research.Even before officially taking control at Twitter, Mr. Musk had indicated that he was concerned about the company’s expenses. Twitter has posted a loss in eight of its past 10 fiscal years, according to FactSet.Mr. Muskmoved quickly to make personnel changes at the topof the company. Last week, on the same day he closed the deal, he fired Twitter Chief ExecutiveParag Agrawaland three other top executives. Mr. Musk fired the executives for cause and is saying he isn’t required to pay them multimillion-dollar severance packages, the Journal reported. Other executives have departed since.Mr. Musk has leveraged other parts of his business empire to try to put his imprint on Twitter. Hebrought in some Tesla engineersto begin working on reshaping the social-media platform, the Journal reported. Also added to an internal company directory were some people who appeared to work for the Boring Co., a tunneling business Mr. Musk founded.Broadly, the social media industry is struggling with weaker revenue from digital advertisers. Such advertising has slowed due to several factors, including rising inflation, the war in Ukraine, andAppleprivacy changes that have made it harder to track the performance of ads. Twitter rivalSnapInc. this year saidit was letting 20% of staff go.Facebookparent Meta Platforms Inc. alsohas indicated it was trimming ranks.Tech companies beyond social-media also have embarked on belt tightening that is leading to job losses and hiring freezes. On Thursday, ride-hailing companyLyftInc. and payments company Stripe Inc. both announced major layoffs andAmazon.comInc. saidit would freeze corporate hiring for months.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":9984291953,"gmtCreate":1667635168872,"gmtModify":1676537947448,"author":{"id":"3561596430587504","authorId":"3561596430587504","name":"robot1234","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":6,"crmLevelSwitch":1},"htmlText":"Elon Musk says Twitter has had ‘massive’ revenue drop as advertisers pause spending. Twitter has suffered a “massive drop in revenue” because of advertisers pausing spending on the social media platform, Twitter and Tesla CEO Elon Musk said Friday without providing numbers. 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Twitter’s ad revenue had been on the decline before Musk’s takeover was complete, and before civil society organizations began pressuring brands, according to ad analytics platform MediaRadar. 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