(Jack Dorsey to lay of 336 workers. Photo: WSJ)
Twitter CEO Jack Dorsey has announced plans to lay off 336 workers from the tech company. The social network site currently has 4,100 employees and will be shedding off 8.2 percent of its workforce (336 workers).
Jack broke the news to his employees via an email with the subject ‘A More Focused Twitter‘ where he explained that engineers and product teams would have to endure most of the cuts.
Made some tough but necessary decisions that enable Twitter to move with greater focus and reinvest in our growth. http://t.co/BWd7EiGAF2
— Jack (@jack) October 13, 2015
In his words, ‘We are moving forward with a restructuring of our workforce so we can put our company on a stronger path to grow. Emails like this are usually riddled with corporate speak so I’m going to give it to you straight. So we have made an extremely tough decision: we plan to part ways with up to 336 people from across the company. We are doing this with the utmost respect for each and every person. Twitter will go to great lengths to take care of each individual by providing generous exit packages and help finding a new job’.
To read the full e-mail, click here.
Twitter’s stock price dropped 20 percent over the last twelve months, largely due to slow user growth, the company however expects to pay around $10m to $20m to employees as a result of the layoffs.
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Source:: The NET