Twitter is planning to retrench more employees in the product division in the coming weeks. The latest cut will affect 50 workers in the product division, reported news agency Reuters citing Insider. The move, which comes six weeks after chief Elon Musk reportedly communicated to its employees that there would not be further retrenchment, could bring down the company’s strength to under 2,000, the report added.
Earlier this month, Twitter fired more employees from the trust and safety team handling global content moderation including the unit related to hate speech and harassment, according to Bloomberg report. The company sacked at least a dozen employees on Friday night in the company’s Dublin and Singapore offices.
Musk acquired Twitter for $44 billion in October after partly financing the deal with almost $13 billion of debt that entailed interest repayments of around $1.5 billion a year. Since then, Musk is trying to revamp the social-media platform, which he has said is at risk of going bankrupt and was losing $4 million a day as of early November.
Since Musk took control of the platform, Twitter has seen almost 5,000 of its 7,500 employees either fired or left the company. The new chief called for a ‘hardcore’ work environment for the remaining workforce.
Twitter’s revenue for the fourth quarter fell about 35 percent to $1.025 billion, the report cited a top ad executive saying at a staff meeting, the report cited the Information on Wednesday.Meanwhile, Microsoft on Wednesday announced that it will slash 10,000 jobs amid slowing global growth.
The layoff will impact up to 5 per cent of Microsoft’s global workforce and cost the business $1.2 billion in severance and reorganisation costs.The job cuts come after technology companies like Amazon.com and Meta announced retrenchment exercises in response to slowing demand and a declining global economic outlook.