‘I own the responsibility for why everyone is in this situation’: Twitter founder Jack Dorsey apologizes for layoffs

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Twitter’s founder and former CEO, Jack Dorsey, on Saturday apologized for the social media platform’s layoffs of nearly 50% of its employees, announced Friday by new boss Elon Musk.

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Musk cut staff by more than half on Thursday and Friday, affecting nearly every team at the company and adding about 3,700 jobs. According to documents filed with the US Securities and Exchange Commission, as of June 30, 2013, shortly before the social media company went public, Twitter had approximately 2,000 employees. As of the end of last year, the company reported more than 7,500 full-time employees.

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SeeTwitter cuts its workforce as the Musk era takes hold on the platform

Dorsey created Twitter in 2006 with Evan Williams, Biz Stone, and Noah Glass. He sent the company’s first tweet by writing “Just setting up my Twitter”.

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Dorsey remains an indirect shareholder in Twitter, after rolling over nearly 18 million Twitter shares in Elon Musk’s X Holdings I. He has backed Musk’s purchase, saying in April when the deal was first announced that the company was “owned” by Wall Street and that taking it private was the “right” first step.

The New York Post reported that Elon Musk’s tough decision to lay off half of Twitter’s staff on Friday was driven by the company’s tight finances — the now-private company was on track to lose $700 million in 2023 if it cut costs. Didn’t, the New York Post reported.

See Elon Musk cuts jobs on Twitter to avoid $700M loss next year

Several major brands have stopped advertising spending on Twitter in recent days, including Volkswagen VOW,
+3.17%,
General Motors GM,
+1.27%,
pfizer pfe,
+1.40%
and General Mills GIS,
+0.19%,

SeeGeneral Mills and Audi block Twitter ads saying they will oversee the company’s direction under Elon Musk

Nearly all of Twitter’s revenue currently comes from advertising, and Musk is looking at different ways to cut costs and make money from the platform, including a monthly $8 subscription fee for users to get verified on the platform. Charging plan is also included.

SeeWhat does Twitter Verification really mean? And what could happen?

More than 60 civil-rights and civil-society groups urged companies to stop advertising on social-media platforms on Friday as well.

See: Activist groups urge advertisers to halt Twitter purchases after Elon Musk blames ‘huge drop in revenue’

Meanwhile many who have come to rely on Twitter as a digital public square for politicians, policymakers and journalists are debating their future participation on the platform.

SeeInfluencers debate leaving Twitter, but where will they go?

Some social media monitors also wonder about Musk’s fitness to become a moderator of content on Twitter, given his history of controversial tweets.

Reading: Musk’s previous tweets provide clues about new owner of Twitter

Credit: www.marketwatch.com /

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