Twitter Layoffs: Elon Musk-led Social Media Giant Sacks at least 50 in Relentless Cost Cuts, Says Report

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

New Delhi: In a fresh round of layoffs at Twitter on Saturday sacked dozens of employees, news agency Reuters reported quoting The Information. Notably, this is at least the eighth round of job cuts since Elon Musk took over the social media giant in late October.

Twitter Layoff: The report further added that the job cuts impacted multiple engineering teams, including those supporting advertising technology, the main Twitter app as well as technical infrastructure to keep Twitter’s systems up and running.

The report in the U.S. technology-focused publication also informed that the latest job cuts aim to offset a plunge in revenue following Musk’s takeover and further whittle down a staff that had shrunk by at least 70% to roughly 2,000.

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

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

Meta To Begin Fresh Round of Job Cuts

Meta is planning a fresh round of job cuts, according to a Washington Post report. The reorganization and downsizing effort is likely to affect thousands of workers. The report further added that the deputizing human resources, lawyers, financial experts and top executives are asked to draw up plans to deflate the company’s hierarchy.

The Washington Post report quoting a person familiar with the matter informed that the company is planning to push some leaders into lower-level roles without direct reports, flattening the layers of management between Meta CEO Mark Zuckerberg and the company’s interns.

Last year’s layoffs were the first in Meta’s 18-year history. Other tech companies have cut thousands of jobs, including Google parent Alphabet (NASDAQ:GOOGL), Microsoft Corp (NASDAQ:MSFT) and Snap Inc (NYSE:SNAP).

To recall, the company had hired people aggressively during the pandemic to meet a surge in social media usage. But business suffered in 2022 as advertisers and consumers pull the plug on spending in the face of soaring costs and rapidly rising interest rates.

Last year, the social media giant said it will let go of 13% of its workforce, or more than 11,000 employees, as it grappled with soaring costs and a weak advertising market.