Elon Musk begins staff layoffs at Twitter

Elon Musk begins staff layoffs at Twitter

Twitter sent employees an email on November 3 notifying them that layoffs would begin on November 4.

This is to place Twitter on a healthy path by reducing the global workforce.

The move comes as Musk attempts to improve Twitter’s consistently unimpressive margins following his $44 billion acquisition of the firm.

Musk fired Twitter CEO Parag Agrawal, CFO Ned Segal, general counsel Sean Edgett, and legal policy head Vijaya Gadde.

The mercurial billionaire is working on turning Twitter’s fortunes around as he wants to pay off its $13 billion debt.

In its last quarter as a public company, Twitter reported a revenue decline of 1% year-over-year to $1.18 billion.

The social media company also reported a net loss of $270 million representing a 23% net margin decrease.

Costs and expenses, meanwhile, totaled $1.52 billion, a 31% year-over-year jump.

Elon Musk, the new Twitter chief has a net worth of $204 billion in 2022.