This is sad to see, especially for such a popular website.
Twitter announced on Tuesday that they are laying off about 336 employees — which is a mind boggling 8% of their entire global workforce!
In paperwork filed by the company’s CEO, Jack Dorsey was adamant that the layoffs were part of a restructuring deal to make the brand more efficient:
“The restructuring is part of an overall plan to organize around the company’s top product priorities and drive efficiencies throughout the company. The board of directors of the company approved a restructuring and reduction in force plan of up to 336 employees, constituting approximately 8 percent of the company’s global workforce.”
Plus, an internal memo was also sent to staff where Dorsey was quick to note the layoffs will supposedly make the company better:
“[We’ll be] much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce. And the rest of the organization will be streamlined in parallel around the clock to produce a streamlined roadmap for Twitter, Vine, and Periscope.”
At its peak, Twitter had gotten up to more than 4,100 worldwide employees, although this cut will be their first massive set of firings since the company was founded back in 2006.
Oh, and it won’t be cheap for the tweet-happy tech team, either… the company estimates they will have to pay nearly $20 million in severance packages as they restructure with these new layoffs!