Elon Musk is trying to turn Twitter, which he bought for $44 billion, into a viable business by reducing its personnel. A company-wide email was sent yesterday announcing that layoffs would begin on Friday, affecting 3,700 employees, or half of the staff. Due to this, Twitter is down for the majority of users, Dogecoin's price fell over 7% in the past day, and Twitter is being sued in a class action for mass layoffs.
Twitter is Down Due to Elon Musk's Plans
The corporation informed all of its employees through email on Thursday that its global headcount would be reduced on Friday. By 9 AM PST, an email with the subject line "Your Role at Twitter" will be sent to every employee (9:30 PM IST).
Employees will be informed by official Twitter email if their employment is "not" impacted. Employees will, however, get a communication with the following steps in their personal email if their employment is affected. While the layoff process is ongoing, Twitter headquarters will be closed on Friday.
While this is going on, people are having trouble accessing Twitter, with many claiming that it is "down" due to layoffs. While some workers are eager to be let go and get severance pay, others appear to disagree with Elon Musk and may consider suing.
The plaintiff has already filed a class action case, and Shannon Liss-Riordan is the lawyer for the claimant. On Thursday, Cornet v. Twitter Inc. was submitted to the Northern District of California's US District Court. Twitter is accused of breaking the Worker Adjustment and Retraining Notification Act in the case (WARN).
According to a tweet from the California Labor Federation, the WARN statute requires companies to give affected workers and state and local legislators 60 days' notice before a mass layoff.
As a result, the U.S. CFIUS at the Treasury is also examining its legal standing to look into Elon Musk's $44 billion purchase of Twitter.
Dogecoin (DOGE) Price Continues to Slide
After Elon Musk assumed the role of acting CEO of Twitter for a week, Dogecoin experienced a rise of over 100%. But over the past few days, the price of DOGE has fallen much further.
The DOGE price is $0.12 at the time of writing, having dropped more than 7% over the previous day. Additionally, Dogecoin's nearly 100% gains have fallen to 55% presently. Meanwhile, the MASK token, speculated to be among the tokens supported on Twitter, is down by 20%.
