Twitter Layoffs: Elon Musk Responds to Backlash, Says ‘Unfortunately There Is No Choice When Company Losing $4M Daily’
After axing nearly 3,800 employees across the globe, including in India, the new Twitter CEO said that he has given three months of severance to everyone who has been asked to go.
New Delhi, November 5: Elon Musk on Saturday said that there is no choice other than brutally firing half of Twitter's workforce as the company is losing over $4 million a day.
After axing nearly 3,800 employees across the globe, including in India, the new Twitter CEO said that he has given three months of severance to everyone who has been asked to go. Twitter Layoffs: Elon Musk Axes Human Rights Activists, Accessibility, AI Ethics and Curation Teams at Social Media Site; Over 50% of Communication Teams Cut From India.
"Regarding Twitter's reduction in force, unfortunately there is no choice when the company is losing over $4M/day," Musk tweeted. "Everyone exited was offered 3 months of severance, which is 50 per cent more than legally required," he added.
Musk has laid off people across the departments at Twitter, eliminating several teams across the globe. He also said that Twitter has seen a massive drop in revenue as activist groups are putting undue pressure on its advertisers. Elon Musk Threatens to Name-Shame Advertisers Who Are Backing Out From Twitter After Mass Layoffs.
"Again, to be crystal clear, Twitter's strong commitment to content moderation remains absolutely unchanged. In fact, we have actually seen hateful speech at times this week decline below our prior norms, contrary to what you may read in the press," he posted.
"Twitter will not censor accurate information about anything," said Musk. On charging $8 for the Blue subscription service, he said: "Trash me all day, but it'll cost $8." The company lost $270 million in the April-June period after revenue slipped 1 per cent to $1.18 billion, reflecting advertising industry headwinds.
(The above story first appeared on LatestLY on Nov 05, 2022 11:14 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).