Twitter employees brace for layoffs today as Elon Musk’s takeover continues
Elon Musk’s mass Twitter layoffs turn the page on a Silicon Valley era
Twitter ( TWTR ) will begin mass layoffs this Friday, November 4th. Nearly a week after billionaire Tesla ( TSLA ) CEO Elon Musk took control, the social network is ushering in a new era with an austerity drug aimed at drastically cutting costs as the new owner looks for new revenue streams to reinvent the platform.
The company’s 7,500 employees have received an internal email informing them that they will receive an email about their jobs this Friday, November 4th. The email will arrive around 9 a.m. PT, according to a report reviewed by TheStreet.
Twitter’s headquarters are in San Francisco. “In an effort to get Twitter on a healthy path, we will be going through the difficult process of reducing our global workforce on Friday,” the company said. “We recognize that this will impact a number of individuals who have made valuable contributions to Twitter.” ‘Unfortunately Necessary’ Management continued: “Unfortunately, this action is necessary to ensure the company’s success going forward.” “Due to the nature of our distributed workforce and our desire to notify affected individuals as quickly as possible, communication for this process will be via email.” “By 9:00 a.m. PST on Friday, November 4th, everyone will receive an individual email with the subject line: Your role on Twitter.
Please check your email, including your spam folder. If this does not affect your employment, you will receive a notification via Twitter email.” But “if your employment is affected, you will receive a notification with next steps via your personal email. If you do not receive an email from twitter-hr@ by 5:00 PM PST on Friday, November 4th, please email peoplequestions@twitter. com.” In total, Musk plans to cut half of the jobs, or 3,700 jobs.
This decision is not really a surprise. The Washington Post reported that the billionaire planned to cut 75% of the jobs. So this number suggested that 5,625 people would be laid off, as Twitter currently employs 7,500 people. Musk is looking for ways to revive Twitter, which he acquired at too high a price, according to several experts and analysts.
If the social network is influential because it often decides on important issues, on the other hand it generates much less income than its competitors Youtube, Facebook, Instagram and TikTok, which attract more advertisers. The “technoking” kicked off by firing four top executives in the early hours of his takeover: CEO Parag Agrawal, CFO Ned Segal, senior lawyers Vijay Gadde and Sean Edgett.
There are other executive departures such as chief marketing officer Leslie Berland, chief customer officer Sarah Personette. The billionaire also fired, unsurprisingly, the entire board of directors. He is currently the only member of the board, but said it is only temporary. The new boss also gave himself the title “Chief Twit” rather than CEO.
Musk hates the title of CEO and has changed it at various companies where he has held the position, such as Tesla. His title at Tesla is “Technoking of Tesla”. Quit working remotely The new boss also intends to remove other benefits such as “rest days”, the one day a month is given to all employees when the covid-19 pandemic strikes.
He also wants employees to return to the office. In addition to cutting costs, Musk wants to get people to pay to use Twitter. The platform will soon start charging for blue badges that show an account has been verified. A person is essentially who they say they are. This blue badge was previously free.
This will now be included in the monthly subscription of $8 per month, which provides additional benefits to subscribers. Blue badges, which are mostly used by brands, governments, celebrities, or journalists, will be part of paid features from next week. Blue subscribers will also get priority in replies, mentions, and searches, the ability to post long-form video and audio and half as many ads, the billionaire said. Individuals and institutions whose accounts are currently verified will have a grace period before deciding whether or not to pay.
