The company just laid off a lot of its workforce and things aren't looking good. In the midst of a large number of employees announcing their exits from the company on the platform, Musk took to the social networking site to shed some light on the decision.
According to Musk, the company is losing more than $4 million per day and he had to do something about it.
Three months of severance pay is 50% more than the legal requirement, according to him.
Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day.Everyone exited was offered 3 months of severance, which is 50% more than legally required.November 4, 2022
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Musk complained that activist groups are pressuring advertisers in an earlier statement.
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Advertisers were cautious about the takeover before it was finalized. Despite an increase in monetizable daily active usage, the company's second-quarter revenue was 1% lower than a year ago.
Musk claims that the platform has seen a decrease in hate speech this week and that advertisers are overreacting.
Excellent summary of Twitter’s Trust & Safety from the head of the team https://t.co/sJ1MBf9MubNovember 4, 2022
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After the deal closed, Musk took no time in making changes, teasing the return of vine and announcing a price increase for the company's subscription service. The company's reliance on advertisers can be mitigated by tying in more features. Users will have to decide if they will accept the price increase.
The company is facing litigation for not giving enough notice to employees.
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