Twitter Lays Off Over 300 Employees, to Cut Costs and Streamline the Social Media Giant and It’s Subsidiaries
On Tuesday (Oct. 13, 2015), Jack Dorsey layed off 336 employees in an effort to help the social media giant save money.
With 30 global offices, the cuts are only eight percent of the companies 4,100 employees worldwide, said AllHipHop. Though it will save Twitter money in the long run, it will cost them between $10 million and $20 million in severance costs.
Dorsey emailed a letter to the companies employees giving gratitude to those who were leaving and ensuring a stronger team over time.
Let's take this time to express our gratitude to all of those who are leaving us. We will honor them by doing our best to serve all the people that use Twitter. We do so with a more purpose-built team, which we'll continue to build strength into over time, as we are now enabled to reinvest in our most impactful priorities.
Laying off those 336 employees was a decision Dorsey asserts will streamline the company “in parallel.”