Twitter’s new boss Elon Musk is taking big decisions one on one after the company’s acquisition. Elon Musk announced charging the account holders with blue ticks after expelling four prominent executives from the company, including Twitter CEO Parag Agarwal. Now there is a layoff of employees at Twitter. Twitter has fired the entire team of many departments in India.
Elon Musk has made a statement for the first time about the layoff of 3700 employees, or about 50 per cent, from Twitter, which has 7500 employees. Elon Musk has tweeted and described the decision to layoffs as unfortunate.
He has also given the reason for the decision to lay off in his tweet. He tweeted that the company is losing more than four million dollars (32,77,95,800 Indian rupees) every day.
Elon Musk has said that in such a situation, he had no other option but to cut the workforce. He has also said that those who have taken leave were offered three months’ salary, which is 50 per cent more than the legally required salary. An employee has to pay two months’ salary in the event of being fired.
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.
— Elon Musk (@elonmusk) November 4, 2022
Most Of The Employees Fired in India
Twitter has fired most of its employees working in India. The company has dismissed the entire team of many departments in India. In India, Twitter sacked the whole team of departments like sales, marketing and content curation. Twitter has more than 200 employees in India. Twitter has temporarily suspended all badge access.
Musk Blames Activist Groups
Elon Musk has blamed activist groups for the decline in Twitter’s earnings and the massive loss to the company. Elon Musk tweeted that activist groups had put tremendous pressure on Twitter advertisers.
Due to this, there was an enormous reduction in the company’s income. He also said that we did everything to please the activist groups. Even monitoring the content did not change anything.
Twitter Was Acquired For $44 Billion.
Elon Musk acquired Twitter after a $44 billion deal. Soon after taking over the reins of Twitter, Musk removed the company’s CEO, Parag Agarwal, the CFO and two other officers from their posts. After this, the round of layoffs started on Twitter.
