December 11, 2023

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Twitter is saving at least 50% in relentless cost cuts, The Information reports

Feb 26 (Reuters) – Elon Musk’s Twitter Inc reportedly laid off dozens of employees on Saturday in at least the eighth round of job cuts since Musk took control of the social network in late October.

The job cuts affected multiple engineering teams, including those supporting advertising technology, the main Twitter application, as well as the technical infrastructure to keep Twitter’s systems running, and a report In a US-focused tech-focused post, he said early Sunday, citing people with first-hand knowledge of the matter.

Twitter did not immediately respond to a Reuters request for comment.

In early November, Twitter laid off about 3,700 employees in a cost-cutting measure by Musk, who acquired the company for $44 billion.

The information reported that the latest job cuts are intended to offset the decline in revenue after Musk’s takeover of the company and further cut back the number of employees, which has shrunk by at least 70% to approximately 2,000.

Musk said in November that the service was seeing a “massive drop in revenue” as advertisers pulled spending amid concerns about content moderation.

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(Reporting by Maria Ponizath in Bengaluru); Editing by Kim Coghill

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