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Twitter new owner Elon Musk defends layoffs, says Twitter losing over $4 million per day

New Delhi: On Saturday, Tesla new owner Elon Musk, defended his move of sacking the company's almost 50% of its workforce and said that there was no choice as the microblogging site is losing over $4 million a day. The billionaire claimed that the company is running at losses as several advertisers have suspended ad spending on Twitter.

By Priyanka Verma 
Updated Date

New Delhi: On Saturday, Tesla new owner Elon Musk, defended his move of sacking the company’s almost 50% of its workforce and said that there was no choice as the microblogging site is losing over $4 million a day. The billionaire claimed that the company is running at losses as several advertisers have suspended ad spending on Twitter.

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Taking to Twitter, Elon Musk said, “Regarding Twitter’s reduction in force, unfortunately, there is no choice when the company is losing over $4 mn/day. Everyone exited was offered 3 months of severance, which is 50% more than legally required.”

“Again, to be crystal clear, Twitter’s strong commitment to content moderation remains absolutely unchanged. In fact, we have actually seen hateful speech at times this week decline *below* our prior norms, contrary to what you may read in the press, he added.

Yesterday, Musk also blamed the activist groups for a massive drop in revenue. He said that nothing has changed with content moderation and we did everything we could to appease the activists. “Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists,” Musk tweeted.

Extremely messed up! They’re trying to destroy free speech in America”. And later, Twitter Inc laid off almost half of 7,500 of its staff, alerting employees of their job status by email. Speaking at an investors conference in New York on Friday, Musk called the activist pressure “an attack on the First Amendment.”

It is also notable that several major advertisers such as Tesla rival General Motors, food company General Mills and pharmaceutical major Pfizer have temporarily paused their ad campaigns on Twitter since Musk took the reins. Senior executives including Vice President of Engineering Arnaud Weber also said their goodbyes on Twitter on Friday: “Twitter still has a lot of unlocked potentials but I’m proud of what we accomplished,” he tweeted.

Last week, Twitter fired top executives, including CEO Parag Agrawal, and removed the company’s board of directors as Musk took the helm.

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