Elon Musk had to layoff over three thousand employees from Twitter, claiming that it had to happen to cut costs and save money. Laid-off staff from the bird app have been posting their concerns with “bye-bye” tones.
According to the billionaire, he had no choice but to let them go because the social media giant was losing over $4 million daily. Everyone agrees it’s an incredible amount to miss out every day, but he’s still getting “cooked” for the mass layoff.
It comes after the Space X CEO and Chief Engineer acquired the app for a whopping $44 billion last month. Elon Musk explained his reason for acquiring Twitter before the layoff had to happen.
Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day.
Everyone exited was offered 3 months of severance, which is 50% more than legally required.
— Elon Musk (@elonmusk) November 4, 2022
Elon Musk Explains Why He Bought Twitter Before Layoffs Happened
$44 billion is an enormous amount of money to invest in anything. The Tesla boss explained his reason for purchasing the social media service at such a price.
Per TMZ, the billionaire hopes the platform will continue to be a digital town square for years to come. He further stated that there’s a looming danger of social media splintering into “echo chambers” that generate more hate and division in our society.
51-year-old Elon Musk, before the Twitter layoffs happened, asserted that the traditional media doesn’t believe in doing what’s right. Their greed for money has lost the opportunity for dialogue.
He also talked about the money aspect of his plans for the social media platform. According to Elon, he bought the app to help humanity. He didn’t purchase the app to enrich his pocket or because it would be easy.
Almost Half of Twitter Employees Were Laid Off
On Thursday, Elon Musk shot out a petrifying memo to Twitter staff notifying them of impending layoffs. The employees of the social media service fired back with a preventive lawsuit.
Obviously, their countermeasure didn’t stop the billionaire, as about 3,700 of the social media service’s workforce were asked to exit the firm. The laid-off staff is sharing their stories on social media.
Unfortunately, the deed has been done.