Elon Musk is giving his justification for sending thousands of Twitter employees packing … he says the bird app was hemorrhaging money.
Papa Elon broke his silence Friday night on the mass layoffs that happened earlier in the day at Twitter, claiming he had no choice but to cut folks loose … he says the social media service was losing over $4 million a day.
As you know … Elon recently bought Twitter for a staggering $44 billion, with the help of loans from Wall Street banks and big-time investors, including at least $10 million from Diddy. So he’s got to find ways to cut costs.
Elon says the folks who were laid off were offered 3 months of severance pay, which he says is “50% more than legally required.”
As we reported … Twitter lost about half its staff in the cuts, with roughly 3,700 people being let go from the company.
Elon fired off a chilling memo to Twitter’s workforce Thursday, informing them layoffs were coming … and employees fired back with a preemptive lawsuit.
Musk has been on a firing spree since inking the deal to buy Twitter last month … promptly giving pink slips to a slew of top execs.
Yesterday was my last day at Twitter: the entire Human Rights team has been cut from the company.
I am enormously proud of the work we did to implement the UN Guiding Principles on Business & Human Rights, to protect those at-risk in global conflicts & crises including Ethiopia,
— Shannon Raj Singh (@ShannonRSingh) November 4, 2022
@ShannonRSingh
Laid off Twitter employees are now sharing their stories on social media … ironically posting goodbyes on Twitter.
But Elon’s saying his hands are tied. 🤷🏽♂️