Twitter lays off hundreds as Elon Musk admits massive drop in revenue

In an effort to boost their profits, Twitter has laid off hundreds of employees in recent months, with more expected to be let go later this week. According to Elon Musk, however, the problem may lie deeper in the company than just laying off workers. In an interview with The Guardian last week, Musk said that Twitter’s struggles stem from the algorithm itself and how they determine what you see on your feed as well as the sheer amount of time spent on the site by users.

Elon Musk admits to massive drop in revenue

Elon Musk, after takeover of Twitter, recently revealed that the company’s revenues had fallen. The only explanation given was that there had been a massive drop in revenue. Although he could not say whether there were any plans to make up for the shortfall, he did say in a tweet that

“Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists. Extremely messed up! They’re trying to destroy free speech in America.”

Another tweet says “Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day. Everyone exited was offered 3 months of severance, which is 50% more than legally required.”

Twitter layoffs begins

Twitter has begun laying off employees on 4th November 2022. In a message to all Twitter employees on Friday, Managers and Sr employees said the company needs to do more with less. Most of the employees got messages through notifications on mobile apps/official email and on personal email who got fired.

In a tweet Richie Assaly Said”

Looks like Elon Musk fired the entire curation team.

These were the folks who tackled misinfo, contextualized conversations via the ‘Explore’ page, and helped make Twitter an unmatched source for breaking news.

This will make Twitter noisier, more dangerous & less interesting”