Twitter, the social media giant owned by tech entrepreneur Elon Musk, is reportedly planning to lay off even more employees in the near future. According to foreign media reports, the company has already fired more than 50 percent of its workforce and is now set to lay off an additional 50 employees from the product department in the coming weeks.
Experts believe that if the employees are removed from the offices in the United States on behalf of Twitter, then the total number of employees of the company will be less than 2,000. This is a significant decrease from the previous number of employees, and it highlights the ongoing struggles that Twitter is facing in the current economic climate.
Twitter is not the only company that is firing its employees. Other major tech companies such as Amazon and Microsoft are also going through the same process. Yesterday, Microsoft announced that it will lay off 10,000 employees as part of a cost-cutting measure to save 1.2 billion dollars.
It is worth noting that in order to reduce costs, Elon Musk has offered more than 100 rare items from Twitter’s San Francisco office for online auction. This move highlights the extent to which Twitter is willing to go to cut costs and stay afloat in the current economic climate.
In November of last year, Elon Musk issued a warning by tweeting that the company is going into financial loss and may go bankrupt. This warning was met with skepticism by some, but it now appears that the company is indeed facing financial difficulties.
Recently, it was also reported that Elon Musk has become the first person in the world whose wealth has decreased by 200 billion dollars. This is a significant loss for the tech entrepreneur, and it highlights the impact that the current economic climate is having on even the wealthiest individuals.
The ongoing struggles of Twitter, along with the layoffs at other major tech companies, highlights the challenges that the tech industry is facing in the current economic climate. With the ongoing impact of the COVID-19 pandemic and the resulting economic downturn, many companies are struggling to stay afloat.
In conclusion, Twitter is likely to lay off more employees in the near future, following the firing of more than 50 percent of its workforce. The company is facing significant financial difficulties in the current economic climate, and it is not alone in its struggles. Other major tech companies such as Amazon and Microsoft are also going through the same process, highlighting the challenges that the tech industry is facing in the current economic climate. Despite the ongoing struggles, Twitter remains a popular platform with millions of users worldwide, and it remains to be seen how the company will navigate these challenging times.