Massive layoff to occur at Twitter, per week after Elon Musk takes over as CEO

According to an unsigned inner doc obtained by The Verge, Twitter has knowledgeable workers that it could cut back its worldwide workforce on Friday, November 4th. As acknowledged within the message, staff will get an e mail by 9 AM PST on November 4th clarifying whether or not they have been laid off or not, and worker badge entry to Twitter’s amenities can be “temporarily” disabled.

This information comes only a week after Elon Musk turned the brand new proprietor of Twitter and instantly started overhauling the corporate’s operations and improvement technique. Since then, Twitter has been rife with a conjecture relating to the timing and breadth of the deliberate layoffs.

This info was additionally shared by Journalist Benny Johnson. In a tweet, Benny wrote, “Cuts at Twitter begin under Elon Musk as employees receive emails informing them to go home and not return to the offices on Friday.”

“By 9AM PST on Friday Nov. 4th, everyone will receive an individual email with the subject line: Your Role at Twitter.” pic.twitter.com/htPIOy86pe

— Benny Johnson (@bennyjohnson) November 4, 2022

“In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday. 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,” the doc reads.

“Given the nature of our distributed workforce and our desire to inform impacted individuals as quickly as possible, communications for this process will take place via email. By 9 AM PST on Friday, Nov. 4th, everyone will receive an individual email with the subject line: Your Role at Twitter. Please check your email, including your spam folder,” it additional provides.

Elaborating on denying entry to its amenities, it reads, “To help ensure the safety of each employee as well as Twitter systems and customer data, our offices will be temporarily closed and all badge access will be suspended. If you are in an office or on your way to an office, please return home.”

At final, the memo reads, “We acknowledge this is an incredibly challenging experience to go through, whether or not you are impacted. 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. We are grateful for your contributions to Twitter and for your patience as we move through this process.”

The layoffs are a part of Musk’s effort to chop Twitter’s expenditures. The memo is imprecise on the variety of layoffs, however Musk will in all probability let go between 50 and 75 per cent of Twitter’s 7,500 workers. According to workers who witnessed the talks, Musk’s group of senior advisers from exterior spent the final week choosing which engineers and technical managers must be saved on board, largely based mostly on their most up-to-date codebase contributions.

Musk mentioned traders overpaying for the deal

Before the Twitter deal, Elon Musk acknowledged that he and his traders are unquestionably overpaying for Twitter, however he additionally expressed delight on the buy of the social media behemoth. He described Twitter as a “languished” asset for an extended interval. “Myself and the other investors are obviously overpaying for Twitter right now. The long-term potential for Twitter in my view is an order of magnitude greater than its current value,” Musk acknowledged.

Musk tried to again out of the acquisition of Twitter in May, claiming that the agency undervalued the variety of bot and spam accounts on the social media community, sparking a sequence of litigation between the 2 sides. However, Musk switched stance earlier in October and acknowledged that he’ll proceed with the acquisition on the unique circumstances.

On the primary day of taking up Twitter, Elon Musk fired CEO Parag Agarwal, authorized head Vijaya Gadde and CFO Ned Segal.