Elon Musk Has Begun Mass Layoffs: Since Mr. Musk acquired control of the social media firm a week ago, the 7,500 workers who work there have been preparing themselves for layoffs.
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According to a companywide email, Elon Musk will begin laying off Twitter staff on Friday, a week after completing his spectacular takeover.
The New York Times saw an email informing Twitter employees of the layoffs. Friday, as cutbacks continued, workers were told to stay home. The “Twitter” statement did not specify the number of layoffs.
“To put Twitter on a healthy path, we’ll reduce our worldwide workforce,” read an email. We know this will affect some people who have contributed to Twitter, but it’s vital for the company’s future.
According to internal communications and an investor, about half of Twitter’s employees may lose their jobs, while the exact number is uncertain. As the email arrived Thursday evening, staff submitted salute and heart emoticons in Slack. Some employees stated they lost access to the company’s systems in the evening, a probable preliminary to being laid off.
Musk bought Twitter for $44 billion on Oct. 27 and ousted its CEO and other key management. Since then, other executives have resigned or been fired, and managers were asked to name high- and low-performing personnel, apparently with job cutbacks in mind. Mr. Musk also brought in more than 50 engineers and staff from Tesla to assess Twitter’s layoff lists and technology.
The world’s richest guy must make Twitter profitable. It was the largest technology firm leveraged buyout ever. The billionaire has burdened Twitter with $13 billion in debt and must pay $1 billion a year in interest. Twitter frequently loses money and has poor cash flow. Mr. Musk may gain from reducing corporate expenditures.
Because it consists of billions of bidirectional interactions per day, Twitter can be thought of as a collective, cybernetic super-intelligence
— Elon Musk (@elonmusk) November 3, 2022
Musk and Twitter didn’t immediately reply. Twitter’s layoffs aren’t the biggest in tech. HP lost 24,600 jobs, 7.5%, in 2008. Later, it eliminated tens of thousands more, or 30% of its workforce. Other IT businesses cut employment recently. Lyft will lay off 650 of its 5,000 employees, or 13%. Stripe will reduce 14% of its staff, or 1,100.
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Accountable Tech CEO Jesse Lehrich said the layoffs were arbitrary days before the midterms.
“There’s nothing imaginative or original about terminating” individuals by email, he added, especially those with “specific skills and deep institutional knowledge” before Mr. Musk “seems to have a fundamental grasp of the business.”
Federal and California rules compel corporations to give early warning of large layoffs, but it’s unclear if Musk did. A spokeswoman for California’s Employment Development Department said Thursday evening that it had not received such warnings from San Francisco-based Twitter, which is anticipated to disclose major layoffs.
Twitter is simply the most interesting place on the Internet. That’s why you’re reading this tweet right now.
— Elon Musk (@elonmusk) November 2, 2022
Musk committed to maintaining employee pay and benefits the same for a year when he bought Twitter. According to an internal benefits summary published by The Times, Twitter employees are given at least two months’ pay and the cash worth of equity within three months after a layoff.
The corporation had layoff rumors. A Slack thread recommended 3,738 layoffs on Wednesday. The Times saw a notification saying the list may still be changed.
Some employees distributed a “Layoff Guide” Wednesday evening with information on corporate spying and job rights. One worker wrote software to download emails and documents. Later, he was sacked.
Thursday, workers received further signs of change. Twitter’s “Days of Rest” were deleted from employees’ schedules, two sources claimed. According to internal exchanges reviewed by The Times, several staff discovered the employee directory was unavailable.
One colleague asked on Slack if the “Game of Thrones” bloodbath had begun. The corporation emailed staff about layoffs nine minutes later. Those who will maintain their employment will be contacted on their corporate accounts, while those who will be laid off on their ones.
Late Thursday inside Twitter’s San Francisco headquarters, several employees were still wearing their credentials. Some drank at Twitter’s bar and checked their phones for clipped news.
Parker Lyons, a Twitter employee, shared a fetal position photo after the email. “8:59 am notification,” he tweeted, referring to the latest time layoff notices were due Friday. By closing Twitter’s headquarters on Friday, laid-off staff won’t be able to steal corporate property. Our offices will be temporarily closed to protect employees, Twitter infrastructure, and customer data, according to an email.
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This implies many Twitter employees will check their status from home.
The email said, “We recognize this is a difficult time for everyone.” “We appreciate your Twitter contributions and patience during this process.”