Reports emerged on Saturday, February 25, that Twitter laid off at least 50 workers, according to Information. This marked the eighth round of reductions since Elon Musk assumed leadership of the company in October.
The reductions hit not only engineering and technical teams but also staff in the advertising division. The publication notes that the layoffs were aimed at offsetting the revenue decline seen after Musk took control of the social platform.
Since October 2022, Twitter’s headcount is said to have fallen by roughly 70 percent, bringing the total to around 2,000 employees.
Shortly after joining Twitter, Musk indicated that the service had experienced a substantial revenue drop as advertisers pulled back spending due to concerns about content moderation on the platform.
Additionally, reports from former sources mentioned speculation that Elon Musk expressed interest in acquiring Sigma Lithium to supply batteries for Tesla.