When business mogul Elon Musk completed his $44 billion acquisition of Twitter, he wasted no time making drastic changes at the company. One of these is firing CEO Parag Agrawal, CFO Ned Segal, and head of legal policy Vijaya Gadde.
It looks like the “Chief Twit” is not yet done revamping Twitter’s workforce, as the popular microblogging site will reportedly start laying off its employees on Friday. According to a report by The Washington Post, about half of Twitter’s workers appeared set to lose their jobs, consistent with previous reports.
In an email which came from a generic address and was signed “Twitter,” employees were instructed to go home and not go to the offices on Friday as the cuts proceeded. “In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global work force,” the email stated. “We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company’s success moving forward.”
Those who get to keep their jobs will receive an email with the subject line “Your Role at Twitter” through their work emails. Those who will be laid off, on the other hand, will be contacted by Twitter through their personal emails to discuss the next steps to take.
The layoffs are part of Musk’s moves to make Twitter more profitable. The business magnate took on $13 billion in debt on Twitter for the acquisition and is on the hook to pay about $1 billion a year in interest payments. And because Musk said that Twitter cannot rely completely on advertisers and they need to “pay the bills somehow,” he gave users the ability to wear a blue tick on their profile for $8 a month.
Source: The Washington Post (paywall)