Twitter to lay off more staff soon; fired 50 per cent of workforce till now

Twitter reportedly plans to lay off more employees in the coming weeks. As per Insider, citing people familiar with the company, the Elon Musk-owned company may cut staff in the product division, though some other departments may also be affected. This comes weeks after various reports suggested that Twitter had gotten hold of the layoffs—until now. The company is taking steps to cut costs and is even auctioning off surplus office supplies. Musk has allegedly not paid rent to the owners of several Twitter offices.

The mass layoffs at Twitter began in October following the formal acquisition of Musk. The company's workforce was reduced to approximately 3,500 from 7,500 employees. In the following weeks, more employees were laid off, and some left voluntarily because they didn't want to limit themselves to Musk's "hard" work style. The latest round of layoffs would reduce the workforce to less than 2,000.

In November, Musk said Twitter was facing "a massive drop in revenue" as advertisers pulled out. Interestingly, The Information reported that Twitter's fourth-quarter revenue fell 35 per cent to $1.025 billion earlier this week. Under previous leadership, Musk has said that Twitter spent money unscrupulously, at a time even without planning. Following its acquisition in late October, Twitter cut employee benefits and discontinued free lunches.

The company previously required workers to work from the office, though that's supposed to change since Musk reportedly didn't pay rent. He is facing a lawsuit as well. Twitter is said to be giving up offices in Delhi and Mumbai to save costs.

Regarding spending, Twitter also found a quirky way to earn extra cash. The company sold surplus office supplies such as furniture, PCs, kitchenware, and Twitter memorabilia like the Twitter bird logo and more. One report noted that Musk's first major payment is due at the end of January.