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Employees at the platform were told in an email Thursday evening that the company will see mass layoffs Friday as the billionaire looks to cut down on costs and try to recoup on his $44 billion investment.
In the unsigned email, viewed by The Hollywood Reporter, the company wrote, “In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday,” adding, “We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company’s success moving forward.”
The email adds that all employees will be notified via an email to either personal accounts (if they are being let go) or their work accounts (if they will still have a job) by 9 a.m. PT on Friday. All of Twitter’s offices will be closed, and badge access turned off “to help ensure the safety of each employee as well as Twitter systems and customer data.”
The layoffs come just a week after Musk took control of the platform, firing its top executives and bringing on board friends and advisers to help him run the company.
Twitter has a hefty $13 billion debt load that includes billion-dollar interest payments each year, forcing the company to slim down in order to maximize cash flow. Musk is also weighing a number of other endeavors, including a revamp of the Twitter Blue subscription service and a reboot of the Vine video platform.
Of course, laying off staff (reports have pegged the reduction at as low as 25 percent of staff or as high as 75 percent of staff) will make any product launches or revenue efforts that much more challenging.
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