Twitter has laid off at least 50 employees in its latest cost-cutting measure, according to a report by The Information. The social media giant, which was acquired by Elon Musk for $44 billion in late October 2022, has been struggling with a significant drop in revenue due to advertisers pulling their spending over concerns about content moderation. As a result, Musk has initiated at least eight rounds of job cuts since taking over the company.
The job cuts reportedly impacted several engineering teams, including those that support advertising technology, the main Twitter app, and technical infrastructure. The move is aimed at further reducing the size of Twitter’s staff, which has already shrunk by at least 70% to around 2,000 employees.
The latest round of job cuts follows a similar move in early November 2022 when Twitter laid off approximately 3,700 employees in a bid to cut costs. Musk has been relentless in his efforts to streamline the company and make it more profitable, and these job cuts are just one of the many measures he has taken to achieve this goal.
Despite the challenges facing Twitter, Musk remains committed to turning the company around. In a tweet earlier this year, he said that he believes in the “power of Twitter,” and that he is “determined to work with the team to make it a success.” With Musk at the helm, Twitter is poised to make significant changes that could help the company regain its footing and return to profitability.