‘Please come back’, Musk’s Twitter takes U-turn after 50% lay off: Report


After laying off around half the company on Friday following Elon Musk’s $44 billion acquisition, Twitter Inc has now taken a U-turn and is asking dozen of employees who lost their jobs, to come back, according to the news agency Bloomberg.

“Some of those who are being asked to return was laid off by mistake. Others were let go before management realized that their work and experience may be necessary to build new features Musk envisions,” said people familiar with the moves, asking not to be identified discussing private information.

On Friday, Twitter fired around 3,700 people via email as a way to cut costs following Musk’s acquisition. Many employees learned they lost their job after their access to company-wide systems, like email and Slack, were suddenly suspended.

The requests for employees to return demonstrate how rushed and chaotic the process was, Bloomberg reported. A Twitter spokesperson did not reply to a request for comment. Twitter’s plan to hire back workers was previously reported by Platformer.

Top management Musk also fired top executives including CEO Parag cuts Agrawal, CFO Ned Segal, legal affairs and policy chief Vijaya Gadde.

Taking to Twitter, Musk wrote, “Regarding Twitter’s reduction in force, unfortunately, there is no choice when the company is losing over $4M/day.”

Twitter has close to 3,700 employees remaining, according to people familiar with the matter. Elon Musk is now pushing remaining employees to move quickly in shipping new features, and in some cases, they have even slept at the office to meet new deadlines.

Musk has made various modifications at Twitter in the past week, including the $8 deal. The microblogging site has rolled out a new Twitter Blue subscription plan, offering a verification check mark for any user who pays $8 a month.

The company also said it will soon be launching other features, including half the ads, the ability to post longer videos, and get priority ranking in replies, mentions, and searches.

(With Bloomberg inputs)

Catch all the Corporate news and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.



Source link