New Twitter owner and richest man on earth, Elon Musk, has claimed he had “no choice” but to lay off thousands of the company’s employees as it bled $4 million every day.
Musk has ordered around half of Twitter’s 7,500 global employees to be laid off to cut operating costs, we’ve heard, with hundreds of Dublin’s 500-strong team believed to have been laid off on Friday. Musk has previously said he wants to reduce the workforce to around 2,000.
Many took to the app they were working on to share the news of their deaths, and many employees learned of the loss of their livelihoods yesterday when they found they were locked out of work computers and email accounts.
“Unfortunately, in terms of reducing the power of Twitter, when the company is losing over $4 million a day, there is no other choice. Everyone who left was offered a three-month severance package, which is 50 percent more than the law requires,” Musk tweeted late Friday night.
This comes after he previously tweeted that Twitter had recently suffered a “massive drop in revenue” which he blamed on “activist groups pressuring advertisers”.
This was, Musk claimed, “although moderation of the content hasn’t changed and we’ve done everything we can to placate activists.” Extremely messed up! They’re trying to destroy freedom of speech in America.”
Advertisers have been reluctant to do business with the site in recent weeks, as Musk previously pledged to ensure “absolute freedom of expression” prevails on the social media platform.
General Motors, Pfizer, and Audi are just a few of the brands that have pulled ads from the app since Musk acquired it.
Entire teams previously working to make Twitter more user-friendly are believed to have been fired on Friday, including: the entire human rights team, the accessibility team, the curation team, and the entire ethics, transparency and accountability teams.
Musk bought Twitter after a legal battle in which he was trying to wriggle out of the deal he signed with shareholders to buy the company for $53 a share. Many analysts believe this is at least double, if not triple, the actual value of Twitter stock.
A Taoiseach Micheál Martin said on Friday the way Twitter employees were fired was “unacceptable”.
“This is not how we conduct labor relations or organize relations between employers and employees. There has to be respect – there has to be dignity in situations like this,” said Martin.
https://www.independent.ie/news/elon-musk-says-twitter-had-no-choice-over-thousands-of-layoffs-as-company-is-losing-4m-per-day-42120767.html Elon Musk says Twitter has ‘no choice’ amid thousands of layoffs as the company ‘loses $4 million a day’