#OneTeam: Twitter employees show solidarity after mass layoffs under Musk ownership (2024)

FAQs

Why did Twitter layoff so many employees? ›

Twitter had more than 7,500 employees at the end of 2021. Musk bought the company for $44 billion in late October 2022 and has largely depleted its workforce in what he said were necessary measures to cut costs and save the company. Musk laid off around half of its workers just a week after taking control of Twitter.

Elon Musk has laid off more than 6,000 people at Twitter since taking over the company, he told the BBC in a rare interview late Tuesday. Musk was quoted as saying in the interview that the social media platform now has only 1,500 employees, down from under 8,000 who were employed at the time of his acquisition.

The job cuts, amounting to about 14,000 people, come as the company faces increasing competition and declining sales. The management changes and layoffs are a reminder of the unpredictability of Elon Musk, Tesla's chief executive, at a critical time for the company.

Elon Musk says Twitter will try to rehire some of its laid-off staff, and that some of the people he fired 'shouldn't have been' cut. Twitter's workforce is about 90% smaller than when Elon Musk first took over in October. He told CNBC Twitter "simply did not have the time to figure out" a proper layoff strategy.

Now, Twitter is left with around 1,500 employees. Elon Musk has confirmed that he has fired over 80 per cent of the entire workforce of Twitter so far. The billionaire took over Twitter in October last year and carried out multiple rounds of layoffs after the $44 billion-takeover.

The proposed class action, filed in San Francisco federal court, claims Twitter in November laid off numerous workers employed by staffing firm TEKsystems Inc without the 60 days of advance notice required by U.S. and California law.

Elon Musk has wiped out 72% of Twitter's value since taking over, Fidelity reveals in new filing. Fidelity has cut the valuation of its stake in Elon Musk's X again, reflecting a 72% markdown since the billionaire bought the former Twitter Inc.

Elon Musk's X, the social network formerly known as Twitter, is on track to bring in roughly $2.5 billion in advertising revenue in 2023 — a significant slump from prior years, according to people familiar with the matter.

Before Musk bought Twitter, the total headcount was 7,500. Twitter now has less than 550 engineers working for it. Twitter's trust and safety team — responsible for keeping users 'safe' — now has less than 20 full-time employees working. October 28 was the day when Elon Musk officially became the new owner of Twitter.

Tesla is in trouble. Yesterday, the company announced that its profits for the first three months of this year fell by 55 percent from the first three months of 2023. Sales declined by 8.5 percent.

Who is laying off employees in 2024? ›

Companies like Tesla, Amazon, Google, TikTok, Snap and Microsoft have conducted sizable layoffs in the first months of 2024. Smaller-sized startups have also seen a fair amount of cuts, and in some cases, have shut down operations altogether.

The layoffs included more than 6,000 people across California and Texas, where nearly 2,700 positions at Tesla's gigafactory were eliminated. Tesla fired its team working on creating Superchargers a week later, which affected about 500 people, though it reportedly decided to rehire some workers earlier this month.

The EV company is also reportedly rehiring some of its almost 500 Supercharging team members that Musk fired late last month. This all comes as Tesla employees are undergoing mass layoffs in facilities across the globe in preparation for the company's future.

Twitter/X is hiring again. After slashing its workforce to the bone, Twitter/X says it's ready to start staffing up again. CEO Linda Yaccarino, speaking with CNBC Thursday, said the period of contraction is over and the company is looking to expand as it navigates its evolution to the X identity.

At the end of the most recently reported year, microblogging and social networking company X (formerly Twitter) employed 7,500 people, up from 5,500 people in the previous year.

Twitter reportedly cut more than a dozen foreign employees—including members of the platform's department in charge of misinformation policy—in its latest round of job cuts as CEO Elon Musk comes under fire for his handling of the site's loosening of content moderation policies, while some laid off employees received ...

Within months of buying Twitter for $44 billion in 2022, Elon Musk had fired half the staff. Elon Musk bought Twitter in 2022. The social media platform has since been renamed X by the billionaire and has laid off 6,000 employees- roughly 80 per cent of the company's staff.

Big Tech Take Note. Twitter CEO Elon Musk said the social media company is close to turning a profit because of the return of advertisers and months of cost-cutting, including many layoffs.

Mass layoffs - Musk has instituted two large rounds of layoffs at Twitter since taking over, cutting over half of the company's workforce. The first round in early November laid off about 3,700 people, or 50% of employees. The second round on November 30th laid off more than 900 additional contract workers.