Twitter plans to layoff more employees: Report
Social media firm is planning to lay off 50 employees in its product division in the coming weeks.
According to an Insider report, the layoffs may reduce Twitter’s employee headcount to below 2,000–its lowest level in over a decade.
YourStory could not independently verify the report. Twitter has not responded to queries sent at the time of publication.
Twitter has already reduced its workforce by more than 50% in a bid to trim costs after Elon Musk closed the $44 billion deal. Several other employees have also quit post Musk’s acquisition.
After taking ownership of the social media company, Musk has tried to reduce the firm’s expenses and is exploring new avenues to generate revenue, including its verified subscription service Twitter Blue. In the past, Twitter relied mainly on advertising revenue. However, it is experiencing a sharp downturn in ad revenue.
Recently, it was reported that the social media firm is considering selling usernames to generate income.
Twitter’s fourth quarter revenue fell about 35% year-over-year to $1.025 billion, the Information reported on Wednesday.
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