Have no choice when Twitter is losing over $4M a day: Elon Musk on layoffs
Musk also lashed out against 'activists' pressuring advertisers to pull out of Twitter, despite the platform making no changes to its content moderation systems
Friday was rife with news of the mass layoff at Twitter, which saw roughly 50% of its workforce fired. According to news reports, a sizable chunk of Twitter’s India team was also let off.
Amidst the layoff melee, Elon Musk has tweeted about the “reduction in force” at Twitter.
“Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day,” he tweeted.
He also added that the exiting employees were offered a three-month severance package, which is 50% more than the legal amount.
Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day.
— Elon Musk (@elonmusk) November 4, 2022
Everyone exited was offered 3 months of severance, which is 50% more than legally required.
The global recession along with the fall in ad monies, which reportedly makes up 90% of Twitter revenue, is said to have contributed to the abysmal situation.
Musk also lashed out against “activists” who have been pressurising large corporations to pull out of advertising on Twitter.
Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists.
— Elon Musk (@elonmusk) November 4, 2022
Extremely messed up! They’re trying to destroy free speech in America.
Yesterday, General Mills and Audi have reportedly said that they are pausing advertising on the platform. Even ad buying giant Interpublic Group earlier this week recommended its clients pause advertising on the platform.
