According to a report by the business publication The Information, social media platform Twitter laid off a minimum of 50 employees on Saturday in the latest round of job cuts, which is believed to be the eighth since Elon Musk took over as CEO in October 2021. The job cuts affected several engineering teams, including those responsible for advertising technology, the main Twitter app, and technical infrastructure to keep systems functioning properly.
The technology industry has experienced tens of thousands of job cuts in recent months due to rising interest rates and fears of a recession in the US economy. Meta, Amazon, Microsoft, and Alphabet have been among the companies that have downsized staff after a hiring surge during the Covid-19 pandemic. Other major companies, including Spotify, IBM, Disney, PayPal, and Dell, have also cut jobs in recent weeks.
According to CNBC, Twitter has let go of approximately 80% of its workforce since Mr Musk’s takeover last year, with about 75 of the company’s 1,300 employees on leave, including approximately 40 engineers. However, Mr Musk disputed the CNBC report, tweeting that there are approximately 2,300 active, working employees at Twitter.
After completing his $44 billion acquisition of Twitter, Mr Musk cut thousands of jobs, stating that the platform was losing $4 million a day and that advertisers were leaving. The acquisition process was tumultuous, with Mr Musk questioning the number of users on Twitter. However, he ultimately relented as a prolonged legal process drew to a close.
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