Twitter Layoffs: Here’s What We Know (And Don’t Know) About Musk’s Plans (2024)

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Twitter Layoffs: Here’s What We Know (And Don’t Know) About Musk’s Plans (2024)

FAQs

Why is Musk laying off Twitter employees? ›

Twitter had a "lot of people doing things that didn't seem to have a lot of value," Elon Musk said. Some investors said tech companies overhired and gave people unnecessary jobs as a "vanity metric." Musk said that Twitter was starting to hire again after reducing its headcount to around 1,500.

Why did Elon Musk fire all the Twitter employees? ›

Elon Musk after completing his takeover bid of Twitter fired almost half of the company's 7,800 employees. The massive lay-off as a bid to induce cost cutting on the part of the Tesla chief received backlash and criciticism for being brutal.

What was Elon Musk's plan for Twitter? ›

Even before he took ownership of Twitter, Musk made his desire to turn it into a super app known. In May 2022, he said on a podcast that super apps “need to happen” in the US and that he could “convert Twitter to that,” citing WeChat as the model he wanted to follow.

How many people lost their jobs when Elon Musk bought 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.

What percentage of Twitter employees are fired? ›

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.

Is Twitter profitable in 2024? ›

Social media giant X (formerly Twitter) expects to be profitable by early 2024, according to CEO Linda Yaccarino.

Did Elon Musk cut 90% of Twitter staff? ›

Since the billionaire acquired Twitter, he has slashed nearly 90% of employees, according to a report from Business Insider. Musk explained that before the layoffs there was one person in a meeting who "helped move things forward," and nine others who tried to "slam the brakes on."

Did Elon Musk fire 80% of Twitter? ›

Elon Musk's acquisition of Twitter for $44 billion led to a massive 80% workforce cut, causing chaos and shock. Despite facing challenges like increased hate speech and functionality problems, the app has endured and his radical downsizing set a new standard for job cuts in the tech industry.

How much does a Twitter employee make? ›

Average Twitter salary by state
RankStateHourly Rate
1California$77.13
2Washington$76.83
3New York$68.02
4Massachusetts$65.40
6 more rows

Who will replace Twitter? ›

11 best Twitter alternatives
  • Bluesky. Bluesky is similar to Twitter as users can share photo updates and short texts or reply and share other people's posts. ...
  • Clubhouse. Clubhouse is an audio-only app where people talk to each other in a live podcast forum. ...
  • CounterSocial. ...
  • Discord. ...
  • LinkedIn. ...
  • Mastodon. ...
  • Threads. ...
  • Reddit.
Feb 6, 2024

What does Elon Musk really want to do with Twitter? ›

Elon Musk initiated the acquisition of Twitter, Inc. on April 14, 2022, and completed it on October 28, 2022. His goal was to transform Twitter into X, an all-encompassing app inspired by WeChat.

Who owns Twitter in 2024? ›

Business magnate Elon Musk initiated an acquisition of American social media company Twitter, Inc. on April 14, 2022, and concluded it on October 28, 2022. Musk stated he intended to buy Twitter to build X, an everything app he had been developing since 2018 to mimic the Chinese app WeChat.

Did Twitter lose value after Elon Musk? ›

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.

Who owned Twitter before Elon? ›

Who owned Twitter before Elon Musk? Jack Dorsey, along with Noah Glass, Biz Stone, and Evan Williams, launched Twitter in 2006. According to a regulatory filing, institutional investors formerly held control over the platform, with the Vanguard Group holding the largest position (10.3%) at that time.

Why were there dramatic staff changes at Twitter? ›

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 ...

Why is Tesla laying off employees? ›

Facing both weakening demand for Tesla electric vehicles and increased competition, the company has been slashing its headcount since at least January. CEO Elon Musk told employees in a memo in April that the company would cut more than 10% of its global workforce, which totaled 140,473 employees at the end of 2023.

Why are Twitch layoffs? ›

Twitch CEO Dan Clancy said in December that the company would shut down operations in South Korea in February this year, due to high operating costs and network fees. The company had , opens new tab laid off more than 400 employees in March last year after its user and revenue growth did not meet expectations.

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