Twitter layoffs can hit the news headlines once again in the coming weeks. According to an Insider report, the tech giant is planning to terminate 50 employees from the product team.
The news came to light six weeks after its maverick billionaire owner Elon Musk assured the staff that there would be no new layoffs.
Since the acrimonious takeover by Musk, the tech company has been a subject of controversies and criticism. After the takeover Musk initiated some cost-cutting measures, which led to the termination of the 7,500 employees. Later, the company also disbanded the Trust and Security Council--an advisory group of more than 100 independent and civil human rights organisations. The council used to provide content-related suggestions to the global social media platform.
Later, the platform was accused of removing the accounts of some journalists who reported his tiff with a college student, who was reportedly tracking his private jet.
The whimsical decisions by the company and its owner impacted the company's financial numbers. It registered a 40 per cent drop in year-on-year (YoY) revenues.
For sustenance, the global social brand relies highly on advertising. However, it has witnessed its key advertisers pressing the pause button on their spending plans for the platform. General Motors was the first to halt advertisements and it was followed by the German automaker Volkswagen. The latter also suggested companies like Lamborghini, Audi, Porsche, Bentle and others to perform the same. These companies took the decisions after observing Musk's business strategies.
The global tech sector witnessed massive upheavals in 2022. According to a mint report, nearly 1,50,000 employees were fired by tech companies. Social media giant Meta trimmed 13 per cent of its employees. Google also announced its plans to lay off 10,000 low-performing staff to go.
Till now, this year has not offered any difference to the tech sector. Prior to Twitter, Microsoft and Amazon were in the news for announcing their layoff plans.
