From 1h ago
07.27 GMT
Introduction: Twitter mass layoffs begin
Good
morning, and welcome to our rolling coverage of business, the financial markets
and the world economy.
It’s a grim
day for Twitter staff, as Elon Musk will begin mass layoffs just a week after
acquiring the social media platform.
The social
network’s offices are temporarily closed, while staff wait to learn by email
whether they’ve been retained, or fired. Around half the company’s workforce
could be laid off.
The company
said in an email to staff on Thursday.
“In an
effort to place Twitter on a healthy path, we will go through the difficult
process of reducing our global workforce on Friday.
Musk
already fired several top Twitter executives, including CEO Parag Agrawal,
finance chief, Ned Segal, and legal affairs and policy chief, Vijaya Gadde.
Having
bought Twitter for $44bn, Musk is now trying to make the company profitable.
On
Thursday, Musk directed Twitter’s teams to free up $1bn in annual
infrastructure cost savings by slashing funding for cloud services and servers.
He has floated a number of ideas to make profit at Twitter, including a plan to
charge for “verified” badges, and creating an “everything app” that would
combine several platforms into one.
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