Twitter Loses More Than $4 Million In One Day: Elon Musk Says Fired Employees Received More Severance Pay Than Legally Required

Twitter Loses More Than $4 Million In One Day: Elon Musk Says Fired Employees Received More Severance Pay Than Legally Required

November 6, 2022: In his first tweet since firing nearly half of his nearly 7,500 employees, Elon Musk, the world’s richest billionaire, said he had no other choice because the social media site was losing more than $4 million a day.

“Unfortunately there is no choice when the company is losing over $4M/day,” he wrote. Elon Musk, the world’s richest man and now the new owner of Twitter, revealed on Saturday the company’s decision to lay off nearly 50 percent of its workforce.

Although former Twitter staff filed a class-action lawsuit against the microblogging site on Thursday, Musk said “there is no alternative”.

The billionaire claimed the company was running at a loss because many advertisers had suspended advertising spending on Twitter.

Musk shifted the blame for the loss to a coalition of civil rights groups as they push for the platform’s top advertisers.

Elon Musk on Twitter layoffs Now, in his first tweet since laying off nearly half of his nearly 7,500 staff, the tech mogul said he had no other choice because the social media site was losing more than $4 million a day.

“Regarding Twitter’s decline in power, unfortunately there is no choice when the company is losing $4M/day,” the world’s richest man wrote.

He further added that everyone fired was offered 3 months of severance, which is 50 percent more than legally required.

Twitter staff working in engineering, communications, product, content curation and machine learning ethics were affected by the firing.

Additionally, in India, Twitter has laid off most of its more than 200 employees as part of mass layoffs worldwide.

The layoffs are across the sales and marketing and communications teams, ET reported citing sources. Twitter’s layoffs in India are part of global job cuts as its new owner seeks to achieve economies of scale and enable a $44 billion acquisition.

Musk started his innings on Twitter last week as he fired CEO Parag Aggarwal as well as the CFO and several other top executives.

This was followed by an exodus of top management. Musk has now embarked on a massive exercise to downsize the company’s global workforce.

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