Twitter to Lay Off Thousands of Employees in Cost-Cutting Measure

ByLA STARTUPS

Twitter is set to lay off thousands of employees in a major cost-cutting measure. According to reports, CEO Elon Musk plans to fire half of Twitter’s workforce in an effort to reduce costs.

This comes after Twitter denied reports last week that Musk planned to lay off 75% of workers. The exact number of employees being let go could still change, but the layoffs would affect 3,700 people.

California law requires large employers to give 60 days notice for such a massive headcount reduction. It’s not clear if Musk is trying to sidestep the spirit of the law by calling it 60 days of “severance.”

Twitter plans to institute a new requirement that all employees come into the office, reversing Twitter’s flexible work-from-anywhere approach. This could be a difficult transition for many employees who have been working remotely during the pandemic.

The layoffs are just the latest in a string of bad news for Twitter. The social media company has been struggling to grow its user base and generate advertising revenue. Twitter stock is down more than 30% since the beginning of the year.

More details on the layoffs are expected to be announced Friday.

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