{"id":14285,"date":"2022-11-06T03:26:39","date_gmt":"2022-11-06T03:26:39","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/twitter-begins-mass-layoffs-elon-musk-says-no-choice-citing-4m-loss-per-day-featured-bitcoin-news\/"},"modified":"2022-11-06T03:26:39","modified_gmt":"2022-11-06T03:26:39","slug":"twitter-begins-mass-layoffs-elon-musk-says-no-choice-citing-4m-loss-per-day-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/twitter-begins-mass-layoffs-elon-musk-says-no-choice-citing-4m-loss-per-day-featured-bitcoin-news\/","title":{"rendered":"Twitter Begins Mass Layoffs \u2014 Elon Musk Says ‘No Choice’ Citing $4M Loss per Day \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Tesla CEO and Twitter chief Elon Musk has begun massive layoffs at the social media company. The billionaire explained that there is no choice since Twitter is losing over $4 million a day. \u201cTwitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists,\u201d he explained.<\/strong><\/p>\n

Mass Layoffs at Twitter<\/h2>\n

Twitter\u2019s new boss, Elon Musk, has laid off about 50% of employees at the social media company. The billionaire sent an email to all Twitter employees Thursday evening informing them whether their employment has been terminated.<\/p>\n

\u201cIn an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday,\u201d the letter states. \u201cThis action is unfortunately necessary to ensure the company\u2019s success moving forward.\u201d<\/p>\n

The letter adds that by 9 a.m. PST on Friday, Nov. 4, \u201ceveryone will receive an individual email with the subject line: Your Role at Twitter \u2026 If your employment is not impacted, you will receive a notification via your Twitter email. If your employment is impacted, you will receive a notification with next steps via your personal email.\u201d The letter continues:<\/p>\n

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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.<\/p>\n<\/blockquote>\n

Musk explained in a tweet Friday that the workforce reduction was inevitable since Twitter is losing over $4 million a day. However, he emphasized that everyone who was let go was offered three months of severance, noting that it is 50% more than the legally required amount.<\/p>\n

\"Twitter<\/a><\/p>\n

Yoel Roth, Twitter\u2019s head of safety and integrity, revealed Friday that Musk cut 50% of Twitter\u2019s workforce company-wide. \u201cYesterday\u2019s reduction in force affected approximately 15% of our Trust & Safety organization (as opposed to approximately 50% cuts company-wide), with our front-line moderation staff experiencing the least impact,\u201d he tweeted. According to Twitter\u2019s annual report, the company had over 7,500 full-time employees as of Dec. 31, 2021.<\/p>\n

Twitter employees filed a federal lawsuit Thursday accusing the social media giant of violating a federal law called the Work Adjustment and Retraining Notification (WARN) Act that governs notice of employment termination.<\/p>\n

Massive Revenue Drop<\/h2>\n

Musk also revealed in a tweet Friday that \u201cTwitter has had a massive drop in revenue.\u201d Before his takeover, the social media company reported making 90% of its revenue from advertisers. However, major companies have stopped advertising on the platform allegedly over concerns about how Musk will affect content moderation policies.<\/p>\n

The billionaire claimed \u201cactivist groups pressuring advertisers\u201d led to the revenue plunge, \u201ceven though nothing has changed with content moderation and we did everything we could to appease the activists,\u201d he tweeted Friday. \u201cThey\u2019re trying to destroy free speech in America.\u201d<\/p>\n

\"Twitter<\/a><\/p>\n

In an effort to generate revenue for Twitter, Musk has decided to charge $8 a month<\/a> for users to have a blue checkmark by their name.<\/p>\n

What do you think about Elon Musk firing 50% of Twitter\u2019s workforce? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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