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You are here News Domestic (USA) Twitter sees sudden mass layoffs as Elon Musk admits ‘massive drop’ in revenue

Twitter sees sudden mass layoffs as Elon Musk admits ‘massive drop’ in revenue

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Twitter lay-offs beginElon Musk ended his first week as Twitter’s owner with an indelible mark by slashing, by some estimates, up to half of the company’s workforce with little notice and abruptly cutting off employees’ access to their computers and work systems.

Many employees spent the day tweeting their goodbyes, as Musk revealed brands had begun pulling their advertisements, leading to what he said was a “massive drop in revenue”. He tweeted late Friday the cuts were needed as “unfortunately there is no choice when the company is losing over $4M/day”.

Audi, General Motors, General Mills and Pfizer were among those who halted advertisements, amid concerns Musk will scale back misinformation and security protections on the platform. Advertising accounts for 90% of Twitter’s revenues.

Yoel Roth, Twitter’s head of safety and integrity appeared to confirm reports that 50% of the company’s global workforce of 7,500 was cut.


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