Twitter Inc., led by Elon Musk, is cutting costs and has announced another round of layoffs. Several thousand have already been cut from the microblogging platform in the last few months. It is against the backdrop of several sweeping measures imposed by Elon Musk, like the introduction of new features, reducing costs, and incorporating changes in content moderation policies.
According to the latest BNN News, Twitter sent an email to an employee on Saturday informing him about his ouster from the rolls as part of the review. It informed the employee, saying that it is his last working day.
Twitter’s senior manager, Martijn de Kuijper, said he woke up to find that he was logged out of his email. He was also the founder of Revue, a newsletter tool that was taken over by Twitter in 2021. He went on to say that the journey of Revue is now over since Twitter closed it last month. Martijn attached an emoji of a saluting face that was used by the employees when the roll ended at Twitter, which was the norm before being taken over by Elon Musk.
Implemented a slew of measures at Twitter
Elon Musk acquired Twitter in October 2022 for $40 billion. He started cutting jobs and implementing cost-saving measures since the social media company was making losses. In the first round of layoffs, just 10 days after the acquisition, Elon Musk removed 50% of the jobs. Several employees have also left the company. The social media company also removed several employees later. At the end of December, Twitter had just 2,000 employees, compared to 8,000 when Elon Musk acquired it in October.
incurs a daily loss of more than $4 million
In a communiqué, Elon Musk said in November that Twitter is losing over $4 million daily and the layoffs are a necessity. Several large advertisers halted their ads on Twitter at that time. According to a tweet from Musk, the company suffered a massive drop in its revenues because several advertisers left the platform. He accused several activist groups of working to pressurise the advertisers.
Twitter is trying to regain advertisers, who left the company due to concerns about staffing plans and content moderation policies employed by Musk. After going private, Twitter has not published its financial results. In a tweet earlier this month, Musk said Twitter still faces challenges and is expected to break even.
Rolled out innovative features
Twitter tweaked its products, like the introduction of the blue subscription service, and introduced several innovative features. It added a rebranded feed based on a new algorithm with an esque name “For You”. Musk, in a tweet in December, said Twitter would break even in 2023. He also claimed that Twitter would generate $3 billion in revenue this year.
Ignition issues force SpaceX to postpone a mission to the ISS
In today’s world news, SpaceX said it has postponed its mission to the International Space Station because of ignition issues. At 1:45 a.m. ET, the company planned to send four people to the International Space Station for research. It was scheduled to blast off from Florida’s Kennedy Space Center.
SpaceX said in a communiqué that all the crew members onboard the Dragon spacecraft are healthy and that the launch was aborted because of a fault with the ignition system. It is making arrangements to disembark the crew by unloading the propellant. In a live stream, NASA said the issue is with the ignition fluid, which is used to light the engines.