Twitter To Reduce Its Workforce ‘By 8 Percent’
The company will reportedly fire about 300 staff as efforts to find a buyer fall through
Twitter is to lay off another 8 percent of its workforce, about the same proportion laid off by co-founder Jack Dorsey when he took over as chief executive last year, according to a report.
The company, which recently failed in efforts to find a buyer, is to cut about 300 staff around the world, according to Bloomberg, which cited unnamed sources.
Spending cuts
The plans, which have reportedly not yet been finalised, may be announced ahead of Twitter’s third-quarter earnings announcement on Thursday, the report’s sources said.
Other media outlets reported that sales teams were rumoured to be targeted in a possible round of layoffs. Twitter declined to comment.
Twitter is not profitable and has been trying to control spending amid a slowdown in user and revenue growth. A sharp decline in its market value over the past year has made it more difficult for the company to lure staff by offering shares, as do rivals such as Google and Facebook.
Sale attempt
The company recently hired bankers to explore a sale, but initially interested buyers such as Salesforce, Walt Disney and Google parent Alphabet soon dropped out of the process, according to reports.
The company has faced difficulties policing malicious content or that posted by militants, a factor that reportedly contributed to decisions by Disney and Salesforce to cancel any potential deal.
Salesforce chief executive Marc Benioff told The Financial Times in mid-October that the company had “walked away” from buying Twitter.
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