New York : In the midst of laying off employees of micro-blogging platform Twitter around the world, including India, its new owner, industrialist Elon Musk, has justified his move, saying that the company will suffer a loss of millions of dollars every day. In this situation, he was left with no option but to lay off. Twitter reported a net loss of $270 million in the April-June quarter, compared to a profit of $66 million in the year-ago quarter.
Musk said in a tweet on Saturday, “As far as Twitter’s workforce reduction is concerned, the company is losing $4 million a day, so unfortunately we have no choice.” He further wrote, ‘Three months compensation package was offered to those exiting the company which is 50 percent more than the legally required limit.’
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Musk has launched massive layoffs after acquiring Twitter for $44 billion. Twitter has laid off most of its employees in India as part of a plan to cut its workforce globally. Prior to this layoff, the company had more than 200 employees working in India. However, it is not yet clear how much has been paid as compensation to the fired workers in India.
Meanwhile, Musk blamed the ‘activists’ for the reduction in the company’s revenue. Even monitoring the content didn’t change anything. We did everything for the activist to do it himself. They are trying to crush freedom of expression in America. Musk last week fired Twitter’s chief executive officer (CEO) Parag Agarwal and a few other senior executives after completing the Twitter acquisition deal. (agency)