Twitter is Apparently Planning to Lay Off 3,700 Staff

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Last Updated on November 3, 2022 by Bitfinsider

Elon Musk, the CEO of Tesla and SpaceX, assumed control of the social network Twitter last week. Twitter employees anticipate a 50% reduction in force. This equates to roughly 3,700 employees.

Bloomberg, which first reported the potential layoffs, reported that the newly appointed CEO of Twitter is expected to require staff who were previously authorized to work remotely to come to Twitter headquarters in and outside San Francisco.

According to internal messages acquired by Bitfinsider, Musk planned to address the layoffs with his tight circle of Twitter advisors. Among those invited were venture capitalist David Sacks of Craft Ventures, president of The Boring Company Steve Davis, and Sam Teller and Antonio Gracias of Valor Equity Partners. Gracias was a Tesla board member and a longtime investor in Musk’s other firms, including SpaceX and Tesla.

A calendar entry for a meeting relating to the reduction in force was made broadly accessible to Twitter employees, presumably by accident.

Musk implemented a similar return-to-office policy earlier this year at Tesla, the electric vehicle company from which he derives the majority of his immense riches.

Those Tesla employees who did return to the office were irritated by their lengthy commutes and the lack of parking, equipment, and space required to perform their jobs successfully.

Musk is scrambling to improve his company’s profitability after acquiring Twitter for $44 billion last week. He is doing so by reducing headcount and operational expenses, as well as exploring new revenue streams.

Between 2010 and 2021, Twitter’s total revenue was approximately $25 billion, its research and development spending was approximately $7.8 billion, and its net loss was approximately $1.3 billion.

Among other things, he has offered a $8 per month subscription package with so-called “blue check” verification for members. None of the other Twitter users could obtain the blue checks, which indicate that the account holder is who they claim to be on Twitter.

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