Twitter Begins Mass Layoffs — Elon Musk Says ‘No Choice’ Citing $4M Loss per Day

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Tesla CEO and Twitter chief Elon Musk has started a massive layoff at the social media company. The billionaire explained that there is no alternative as Twitter is losing more than $4 million a day. “Twitter’s revenues have dropped drastically due to activist groups putting pressure on advertisers, even though nothing has changed with content moderation and we’ve done everything we can to please activists,” he explained.

Mass layoffs on Twitter

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Twitter’s new boss Elon Musk has laid off nearly 50% of employees at the social media company. The billionaire sent an email Thursday evening to all Twitter employees notifying them if their employment had been terminated.

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“In an effort to get Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday,” the letter said. “Unfortunately this action is necessary to ensure the company’s success going forward.”

The letter states that starting Friday, November 4th at 9 a.m. PST, “everyone will receive a personalized email with the subject line: Your role at Twitter… You will receive a notification via email. If your employment is affected, you will receive a notification through your personal email with the next steps.” The letter continues:

To help ensure the security of each employee as well as the Twitter system and customer data, our offices will be temporarily closed and all badge access will be suspended. If you are in the office or going to the office, please return home.

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Musk explained in a tweet on Friday that the workforce reduction was inevitable as Twitter is losing more than $4 million a day. However, he insisted that those who were let go were offered a three-month severance, noting that it is 50% more than the amount legally required.

Twitter Launches Mass Layoffs – Elon Musk Says 'No Choice' Citing $4M Per Day Losses

Twitter’s head of security and integrity, Joel Roth, revealed on Friday that Musk has cut 50% of Twitter’s workforce company-wide. “Yesterday’s reduction affected approximately 15% of our Trust & Safety organization (as opposed to a roughly 50% cut company-wide), with our front-line moderation staff experiencing the least impact,” he tweeted. According to Twitter’s annual report, the company had more than 7,500 full-time employees as of December 31, 2021.

Twitter employees filed a federal lawsuit Thursday accusing the social media giant of violating a federal law called the Work Adjustment and Retraining Notification (WARN) Act that regulates employment termination notices.

huge revenue drop

Musk also revealed in a tweet on Friday that “Twitter’s revenue has dropped drastically.” Prior to their acquisition, the social media company was reported to make 90% of its revenue from advertisers. However, major companies have reportedly stopped advertising on the platform over concerns about how Musk will influence content moderation policies.

The billionaire claimed that “activist groups pressurizing advertisers” led to the drop in revenue, “even though nothing has changed with content moderation and we did everything we could to please workers,” he said Friday. tweeted to. “They’re trying to destroy free speech in America.”

Twitter Launches Mass Layoffs – Elon Musk Says 'No Choice' Citing $4M Per Day Losses

In an effort to generate revenue for Twitter, Musk has decided to charge users $8 per month for having a blue checkmark in their name.

What do you think about Elon Musk who is laying off 50% of Twitter’s employees? Let us know in the comments section below.

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