a month ago 1 min read

At least 50 Employees Are Laid Off As Result of Twitter's Ongoing Financial Difficulties

elon musk-twitter

Since late October 2022, Twitter Inc. has slashed eight rounds of jobs, resulting in the termination of dozens of workers.

Since Musk acquired control of the social network in late October, there have been at least eight rounds of job cutbacks, with the most recent ones intended to make up for a decline in revenue.

The action also aims to further reduce a staff of about 2,000 people, which had already decreased by at least 70%. As a cost-saving effort, Twitter let go of roughly 3,700 workers at the beginning of November. As a result of advertisers cutting their spending due to worries about content filtering, the company has seen a significant decline in revenue.

Musk paid $44 billion to acquire the social network and had expressed worries about a "huge decrease in revenue" as advertisers withdrew their support due to concerns over content regulation. The most recent layoffs occur as Twitter faces a difficult period in which it fights to keep its user base and draw advertisers. User engagement has decreased as a result of the company's struggles with content filtering, fake news, and user privacy.

Also, the layoffs occur as Musk broadens his business ventures outside of the vehicle sector. He has made investments across a range of industries, including renewable energy and space travel.

The decision to eliminate positions at Twitter might be viewed as a component of Musk's larger plan to optimize processes and reduce expenses in order to increase revenues. It is still to be seen, however, how these layoffs will affect Twitter's potential for future growth and its capacity to compete with other social media platforms.

Great! You’ve successfully signed up.
Welcome back! You've successfully signed in.
You've successfully subscribed to Coin Aquarium.
Your link has expired.
Success! Check your email for magic link to sign-in.
Success! Your billing info has been updated.
Your billing was not updated.