Twitter plans to lay off another set of 50 employees: Report
- ByStartupStory | January 19, 2023
Twitter has planned to lay off 50 employees in its product division in the coming weeks.
According to a Business Insider report, the layoffs could reduce Twitter’s employee headcount to less than 2,000, the company’s lowest level in more than a decade.
Twitter has already reduced its workforce by more than 50% in an effort to cut costs following Elon Musk’s $44 billion deal. Several other employees left after Musk’s acquisition.
Musk has tried to reduce the company’s expenses since taking ownership, and is exploring new revenue streams, such as its verified subscription service Twitter Blue. Twitter previously relied heavily on advertising revenue. However, it is experiencing a significant decline in ad revenue.
It was recently reported that the social media company is considering selling usernames to generate revenue.
According to the Information, Twitter’s fourth-quarter revenue fell 35% year on year to $1.025 billion.
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