Twitter began notifying employees of potential layoffs today, November 4, an unsigned internal memo says. According to The Verge, which reviewed the memo, Twitter staff will begin receiving an email at 9 am PST (9:30 pm IST) confirming whether laid off or not. In addition, the email will reportedly bear the subject: “Your role on Twitter.”
The latest news comes days after another report indicated that Elon Musk, the new owner of Twitter, plans to cut the workforce from 7,500 to 3,500 to save operating costs. Twitter has already fired some high-profile executives, including former CEO Parag Agrawal, CFO Ned Segal, and policy chief Vijaya Gadde.
“We acknowledge this is an incredibly challenging experience to go through, whether or not you are impacted,” the memo reads. “Thank you for continuing to adhere to Twitter policies that prohibit you from discussing confidential company information on social media, with the press or elsewhere.”
Musk and some former Twitter executives have noted that Twitter has too many employees for smaller roles, which is an economic challenge. Second, Twitter’s new owner is committed to improving the company’s financial performance, which is crucial to its survival. Twitter’s second-quarter results (March to June 2022) show that the company posted a net loss of $270 million.
Fired employees will be paid severance, though one leak claimed that Musk is looking for ways to prevent staff from acquiring his unvested shares. If that happens, he will be looking for a hefty payout to settle on top of his $44 billion price tag for Twitter.
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