Elon Musk fires 50% of Twitter employees and denounces a “massive” drop in revenue

Emails began arriving in the personal mailboxes of Twitter employees in the early morning hours of Friday: “Today is your last day at the company,” the letter said.

As people frantically update their business and personal accounts to find out their fate, new owner Elon Musk sought to defend his decision to cut thousands of jobs. He said the company had seen a “huge drop in revenue” due to advertisers escaping network advertising.

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It’s been an eventful week for Twitter. Since taking over as company president last week, Musk has assembled a transition team of confidants to help identify deep cost cuts and quick ways to increase revenue. Workforce cuts around the world are expected to affect 3,700 jobs – about half of the company’s employees.

Some departing employees said they would receive at least two months’ salary as a result of the termination. Elon Musk is also looking for other ways to achieve his goal of cutting expenses, according to a report published by “Bloomberg” and seen by “Al Arabiya Net”.

This happens; While the “Wall Street Journal” quoted major companies that they will monitor Elon Musk’s trends in “Twitter” before returning to advertising on the platform. Some advertisers are warning against associating their brands with Twitter during the period of turmoil. Audi, Pfizer and General Mills Inc said they will pause advertising on Twitter until they know how it evolves.

In his first reaction to the moves, Musk described companies that suspended their Twitter ads as “lobbyists against free speech.”

“Twitter has suffered lower revenue due to the influence of lobbyists on advertisers,” said Elon Musk.

read more: After Musk’s statements, fears of the chaotic discourse on “Twitter” will break out

Meanwhile, the remaining employees are racing to develop new tools that can be sold to users in order to boost revenue. Most compelling is the revised subscription program that, among other perks, will allow anyone to earn a blue badge if they pay $8 per month. Currently, the tags are free, and are used as a label for the verified accounts of celebrities, politicians, journalists and other public figures to distinguish them from scammers.

Musk took over Twitter with a large amount of debt, and the billionaire said they “need to pay the bills.” The hastily arranged Blue Badge program, which could see the light of day as soon as next week, was met with fury from popular Twitter users, while Musk and his transition team responded with sarcasm. “We appreciate your feedback, now pay $8,” Musk wrote in response to US Representative Alexandria Ocasio-Cortez, who criticized the idea of ​​making people pay in the name of “freedom of speech.”

Twitter faces urgent issues as well as cutting costs and increasing cash flow. Company employees said they did not have access to basic tools to monitor and remove political disinformation in the days after Musk’s takeover of the company. Musk has promised civil rights leaders that he will bring back content moderation tools that have been blocked for some employees by the end of this week.

Before Twitter began its mass layoffs, employees proactively filed a class-action lawsuit on Thursday. They claimed that the company was moving too quickly to dismiss them without warning, in violation of federal and California law. When details of the layoffs were reported on Friday.

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