Twitter layoffs start today (November 4th). After Stripe layoffs, tech layoffs, unfortunately, continued with Twitter. One week after paying $44 billion for Twitter, Musk is scheduled to lay off about half of the company’s staff.
After informing staff that they would receive notification of their employment status via email later in the day, Twitter temporarily closed its offices on Friday.
Twitter layoffs explained
Twitter has informed staff that it will be “cutting our global workforce” on Friday, November 4. The layoffs are a part of Musk’s effort to control Twitter’s expenses. Because of that, Elon Musk’s mass layoffs will drastically reduce the social media platform’s personnel.
The internal document claims that employee badge access to Twitter’s headquarters will be “temporarily” turned off. According to the internal memo, employees will receive an email by 9 AM PST on November 4th verifying whether or not they have been laid off.
The email doesn’t specify how many workers will be let go, but Musk is anticipated to lay off almost half of Twitter’s 7,500-person workforce. According to staff members involved in the conversations about Twitter layoffs, his team of outside advisors has spent the past week choosing which engineers and technical managers to retain mostly based on their most recent contributions to Twitter’s codebase.
In an email to staff members, Twitter announced that all badge access and office closures would be temporary measures taken “to help protect the safety of each employee as well as Twitter systems and user data.” Many workers immediately tried to delink their Twitter accounts from their work email addresses after receiving the message indicating layoffs would start; this was required by corporate policy, which also calls for physical keys for two-factor authentication.
Workers at Twitter expressed dissatisfaction with Musk and the company’s other executives’ lack of internal communication over the previous week in Slack and group chats.
The complete Twitter memo sent to employees about Twitter layoffs is available below:
In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday. We recognize that this will impact a number of individuals who have made valuable contributions to Twitter, but this action is unfortunately necessary to ensure the company’s success moving forward.
Given the nature of our distributed workforce and our desire to inform impacted individuals as quickly as possible, communications for this process will take place via email. By 9AM PST on Friday Nov. 4th, everyone will receive an individual email with the subject line: Your Role at Twitter. Please check your email, including your spam folder.
– If your employment is not impacted, you will receive a notification via your Twitter email.
– If your employment is impacted, you will receive a notification with next steps via your personal email.
– If you do not receive an email from twitter-hr@ by 5PM PST on Friday Nov. 4th, please email [email protected].
To help ensure the safety of each employee as well as Twitter systems and customer data, our offices will be temporarily closed and all badge access will be suspended. If you are in an office or on your way to an office, please return home.
We acknowledge this is an incredibly challenging experience to go through, whether or not you are impacted. Thank you for continuing to adhere to Twitter policies that prohibit you from discussing confidential company information on social media, with the press or elsewhere.
We are grateful for your contributions to Twitter and for your patience as we move through this process.
As Twitter layoffs approached on Thursday, the staff members communicated with one another on the platform, many of whom used the #OneTeam hashtag for the company.
Twitter’s US operations weren’t the only ones affected by the chaos. “Bye Twitter, it’s been a trip,” the company’s local marketing manager in Australia also tweeted on Friday. According to reports, employee turnover has been at an all-time high as the turbulent issue over whether Musk will buy Twitter has continued.
The company’s offices would reopen on Monday, and more details would be released the following week.
Tech layoffs season: Stripe, Lyft, and Microsoft
Twitter is not the only one! Nowadays, there are a lot of tech layoffs happening. Such as:
- Stripe layoffs
- Lyft layoffs
- Microsoft layoffs
The IT sector appeared to expand throughout the pandemic as more people moved their daily lives online. But as consumers and advertisers reevaluate their spending, a number of tech businesses reported slower growth in the third quarter. Many in the tech industry are currently reevaluating their investments and personnel requirements. Let’s take what happened in tech layoffs briefly.
Approximately 1,120 of Stripe’s 8,000 employees will be laid off, representing 14% of the company’s workforce.
Even if there is never a perfect method to handle a round of layoffs this size, Stripe CEO Patrick Collison’s announcement is noteworthy for how much he accepts responsibility for the problem, citing two particular errors the company’s leadership made.
“In making these changes, you might reasonably wonder whether Stripe’s leadership made some errors of judgment. We’d go further than that. In our view, we made two very consequential mistakes, and we want to highlight them here since they’re important:
We were much too optimistic about the internet economy’s near-term growth in 2022 and 2023 and underestimated both the likelihood and impact of a broader slowdown.
We grew operating costs too quickly. Buoyed by the success we’re seeing in some of our new product areas, we allowed coordination costs to grow and operational inefficiencies to seep in.”Stripe CEO Patrick Collison
On Thursday, Lyft announced it would reduce its workforce by 13%, or over 700 workers, as it reconsiders its personnel in light of growing inflation and concerns about an impending recession.
Lyft, based in San Francisco, also announced that it would sell its auto repair facilities.
Among Microsoft’s 180,000 employees, fewer than 1% will be impacted by the downsizing. According to a statement, Microsoft regularly assesses its business priorities and adjusts its organizational structure as necessary.
Are tech layoffs will continue?
Tech companies have had tremendous growth during the last ten years, along with extravagant spending. However, Silicon Valley companies that announced significant layoffs this week could be a leading indicator for the overall economy given the impending global recession, which could be considerably longer and harsher than many anticipate.
The new economic situation may require tech companies to curtail recent years’ rapid expansion and massive spending in favor of cost-cutting measures where possible.