As a reminder, in early November, Twitter laid off about 3,700 employees as part of a cost-cutting move by Musk, who acquired the company for $44 billion. Subscribe to notifications
NEW DELHI: In a fresh round of layoffs, Twitter laid off dozens of employees on Saturday, Reuters news agency reported, citing The Information. Notably, this is at least the eighth round of job cuts since Elon Musk took over the social media giant in late October.
The report went on to add that the job cuts affected multiple engineering teams, including those supporting advertising technology, the main Twitter app, and the technical infrastructure to keep Twitter’s systems running.
The report in the tech-focused US publication also informed that the latest job cuts are aimed at offsetting a slump in sales following the Musk acquisition and further reducing the workforce, which had shrunk by at least 70% to about 2,000.
More business news
As a reminder, in early November, Twitter laid off about 3,700 employees as part of a cost-cutting move by Musk, who acquired the company for $44 billion.
Musk said in November that the service was experiencing a “massive drop in revenue” as advertisers cut spending over content moderation concerns.
Meta starts new round of job cuts
According to a Washington Post report, Meta is planning a new round of job cuts. The restructuring and downsizing efforts will likely affect thousands of workers. The report further added that deputy HR departments, lawyers, finance professionals and top executives will be asked to draw up plans to dump the company hierarchy.
The Washington Post report, which quotes a person familiar with the matter, informed that the company plans to push some executives into lower positions with no direct reports, thereby flattening the managerial ranks between Meta CEO Mark Zuckerberg and the company’s interns.
Last year’s layoffs were the first in Meta’s 18-year history. Other tech companies have cut thousands of jobs, including Google parent Alphabet (NASDAQ:GOOG), Microsoft Corp (NASDAQ:MSFT), and Snap Inc (NASDAQ:SNAP).
As a reminder, the company aggressively hired employees during the pandemic to counter a surge in social media usage. But business suffered in 2022 as advertisers and consumers pulled the plug on spending amid rising costs and rapidly rising interest rates.
Last year, the social media giant said it would lay off 13% of its workforce, or more than 11,000 employees, as it struggled with rising costs and a weak advertising market.
Release date:26. February 2023 5:12 p.m. IST
Updated Date:26th February 2023 5:12 p.m. IST