The major round of Twitter Layoffs at the microblogging platform, according to Elon Musk, the new owner of Twitter, was brought about by the millions of dollars the company was losing each day. He made it clear that all employees who lost their jobs were offered three months’ worth of severance pay, “which is 50% more than legally required,” in an effort to soften the blow.
“Regarding Twitter’s reduction in force, unfortunately, there is no choice when the company is losing over $4M/day. Everyone exited was offered 3 months of severance, which is 50% more than legally required,” Musk tweeted.
A week after the billionaire business magnate purchased Twitter for $44 billion, the company announced job cuts. With Musk in charge, a lot has happened, from firing executives to proposing a new content moderation council.
In the days since he took over, there were rumors that he planned to cut costs and save money by eliminating at least half of the jobs at Twitter. On Friday, Musk reversed his position and began terminating employees after denying the reports.
“In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday, “Twitter stated in an internal memo to employees shortly before the start of the first round of mass Twitter Layoffs.
The cuts appear to be as extensive as they are deep, affecting everything from Twitter’s marketing department to its trust and safety teams, which are in charge of content moderation. The company’s entire human rights team was fired, according to reports. Employees of Twitter have filed a class action lawsuit against the tech giant following the Twitter Layoffs, arguing that the company violated federal and California law by conducting mass Twitter Layoffs without providing the required 60-day advance notice.