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during a period of layoffs Twitter, which is one of the worst the social network has seen in its nearly 16 years of existence, Elon Musk on Saturday justified the restructuring decision as he stressed “unfortunately, there is no alternative.” He added that Twitter was losing $4 million a day. “Regarding the layoffs at Twitter, unfortunately, when the company is losing more than $4 million a day, there is no choice. Everyone who quits gets 3 months of severance, which is 50 more than required by law (sic) %,” Musk tweeted amid widespread criticism about how layoffs were being made in the week following the acquisition.
Here are 10 of Twitter’s layoffs:
1) The world’s richest man on Friday laid out an odd reason for the “dramatic drop” in his company’s revenue, accusing “radical groups of pressure on advertisers.” “..although nothing has changed with content moderation, we are doing everything we can to appease activists. Extreme chaos! They are trying to destroy freedom of speech in America (sic),” he tweeted.
2) Saturday morning, Elon Musk “Twitter’s strong commitment to content moderation has absolutely not changed,” insisted again. “In fact, we’ve actually seen hate speech at times drop *below* our previous norm this week, which is in contrast to what you’ve seen in the media. the opposite, (sic),” he further added.
3) Chaos appears to be engulfing the company, as about half of Twitter’s workforce has been fired in the layoffs. Nearly 3,800 employees were reportedly fired.
4) India has also had executives fired. Mumbai, New Delhi and Bangalore are the three cities where the social media company operates and employs nearly 300 people.
5) Musk took over the company last week when three executives — CEO Parag Agrawal, CFO Ned Siegel, and head of legal affairs and policy Vijaya Gard — – Asked to leave.
6) Musk has rejected claims that the executives were asked to leave, despite the controversy over their eligibility for bonuses of more than $100 million.
7) Twitter doesn’t just care about layoffs now. Top companies including General Mills Co. and U.S. luxury automaker Audi have suspended advertising on Twitter. United Airlines Holdings is the latest to join the list.
8) Microsoft Corporation, Verizon Communications Inc. and Charter Communications are also reportedly considering suspending their advertising.
9) Musk finally bought Twitter last week for $44 billion.
10) However, the deal has been mired in controversy for months; it even sparked a legal battle.
(Contributed by Reuters, AFP)
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