Elon Musk laid off thousands of Twitter workers he has in the United States, Europe and Asia.
Elon Musk, the new owner of Twitter, a week after the acquisition of the company, fired thousands of workers, about 50 percent of the 7,500 employees in the world.
Downsizing happened in the United States, Europe and Asia.
The Californian company communicated his decision to each employee via email, and announced the temporary closure of offices.
“Twitter is downsizing to help improve the health of the company. These decisions are never easy and it is with regret that we are writing to inform you that your position at Twitter is affected. Today (Friday) is your last day at work ,” say the emails sent to employees who lost their jobs.
According to Musk, “Unfortunately there is no other option when the company is losing more than $4 million dollars a day.“, explained the tycoon who bought the company for 44,000 million dollars.
He also pointed out in a Tweet that all dismissed employees were offered 3 months of compensation, which is 50 percent more than what is legally required.
Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day.
Everyone exited was offered 3 months of severance, which is 50% more than legally required.
— Elon Musk (@elonmusk) November 4, 2022
Regarding the future of the company, although the challenge of maintaining the company has been a challenge, the investment that Musk made required compromises.
For example, the businessman took loans worth 13,000 million dollars , which will have to be repaid by Twitter and not by him.
He also sold about $15.5 billion of his Tesla shares twice, in April and August, and backed $12.5 billion in loans with his shares in the automaker.
One of the main ideas for the future of the social network raised by Musk is charging a subscription of eight dollars a month that allows users to have their account certified and be less exposed to advertising.
But this project has raised a lot of criticism and reluctance, especially among users who already have an authenticated account.