Twitter loses over $4 million a day, no layoff option: Musk

Musk just tweeted in response to Twitter’s massive layoffs. He said that the company was losing more than $4 million a day, and there was no choice for layoffs. Musk tweeted: “Regarding Twitter layoffs, unfortunately, when the company is losing more than $4 million a day, there is no choice. Everyone who leaves gets 3 months of severance, this is 50% higher than required by law.”

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Yoel Roth, Twitter’s head of security and integrity, revealed on Twitter that the company’s layoffs yesterday resulted in the loss of about 50% of its employees. According to Bloomberg, Twitter has cut 784 jobs in its San Francisco office, 106 in its San Jose, Calif., office, and 93 in its Los Angeles office.

Musk also tweeted earlier today defending the layoffs. He said pressure from advocacy groups caused advertisers to suspend spending on Twitter, leading to a sharp drop in Twitter’s revenue. “Even though we haven’t made any changes to content moderation and we’ve done everything we can to appease these activists. Extreme chaos! They’re trying to destroy freedom of speech in America,” Musk said.

(via)