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Twitter layoffs: "The company is losing over $4M/day"

Elon Musk justified the workforce reduction. In addition, he offered three months severance pay to each laid-off worker.

Elon Musk

(NVIDIA Corporation7 / Flickr)

Published by
Alejandro Baños

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This Friday, Elon Musk fired part of the Twitter team. This downsizing is due to the millions of dollars in losses that the social network suffers daily, as Musk himself said on his Twitter account:

Regarding Twitter's reduction in force, unfortunately there is no choice when the company is losing over $4M/day.

He also added that the workers who are no longer part of the company will receive a higher severance payment than what is legally established:

Everyone exited was offered 3 months of severance, which is 50% more than legally required.

The workers received an email on Friday morning informing them of their employment status. The Daily Mail published the content of the emails.

Layoffs at Twitter began the same day Elon Musk acquired the social network. The new owner decided to dismiss CEO Parag Agrawal, CFO Ned Segal and General Counsel Sean Edgett. Musk also fired Vijaya Gadde, who was Twitter's longtime head of legal affairs in charge of suspending accounts such as Donald Trump's.

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