New Delhi: Twitter on Friday started laying off employees in India across engineering, sales and marketing, and communications units.
A report by CNBTC quoting sources said that there is still no clarification on the severance payout for staff laid off in the country.
The layoffs are part of a global workforce cut ordered by Elon Musk, the new owner of the social media network, in order to achieve economies of scale and make the $44 billion acquisition sustainable.
According to Scott Kessler, Global Sector Lead – Tech at Third Bridge, Elon Musk is more concerned with running enterprises than with adhering to guidelines that govern the proper manner of conducting business.
“Twitter is expected to go all the way with its plan to lay employees off. It will move forward with its plan to cut about 50 percent of the headcount. This makes a lot of sense, according to experts, especially from a cost and expense perspective,” he said, as per the report.
Kessler further added that the only notable Twitter investors are those who hold debt. “Investors in debt like to see cost and expense reductions. Apart from legal concerns, Twitter’s investors will have no issues with layoffs.”
Twitter, in an internal email to employees earlier, had said, “In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday,” adding that, “everyone will receive an individual email”.
Musk, the world’s richest billionaire, began his tenure at Twitter last week by dismissing CEO Parag Agrawal, as well as the CFO and several other top executives.
Twitter advertisers on the fence want to hear directly from Musk. Layoffs will have a significant impact on Twitter’s content moderation crew.