Twitter’s Ongoing Financial Struggles Lead To At Least 50 Employee Layoffs

Key Points:

• Twitter has laid off dozens of employees in multiple engineering teams, including those supporting advertising technology, the main Twitter app, and technical infrastructure to keep Twitter’s systems up and running.
• This is at least the eighth round of job cuts since Musk took over the social network in late October, with the latest job cuts aimed at offsetting a revenue surge following Musk’s takeover.

According to a report by The Information, Twitter Inc has laid off dozens of employees in its eighth round of job cuts since late October 2022.

This is at least the eighth round of job cuts since Musk took over the social network in late October, with the latest job cuts aimed at offsetting a plunge in revenue following Musk’s takeover.

The move also aims to whittle down further a staff that had already shrunk by at least 70% to roughly 2,000 employees. In early November, Twitter laid off about 3,700 employees in a cost-cutting measure. The job cuts have been a result of a massive drop in revenue experienced by the company, with advertisers pulling their spending amid concerns about content moderation.

Musk had acquired the social network for $44 billion and had expressed concerns over a “massive drop in revenue” as advertisers pulled their spending over content moderation concerns. The latest job cuts come amid a challenging time for Twitter as it struggles to maintain its user base and attract advertisers. The company has been grappling with issues related to content moderation, fake news, and user privacy, which has led to a decline in user engagement.

The job cuts also come at a time when Musk is expanding his business interests beyond the automotive industry. He has been investing in various sectors, including space exploration and renewable energy.

The move to cut jobs at Twitter could be seen as part of Musk’s broader strategy to streamline operations and cut costs to maximize profits. However, it remains to be seen how these job cuts will impact Twitter’s future growth prospects and its ability to compete with other social media platforms.

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