Jack Dorsey apologized for growing the company too quickly, a day after half of the company's employees were laid off.
They are strong and resilient. They will find a way no matter how hard it is. Many are angry with me I am responsible for why everyone is in this situation because I grew the company too fast. I'm sorry for that.
The social media company had 2,000 employees as of June 30, according to documents filed with the SEC. The company had more than 7,000 full-time employees by the end of the year.
The company began to reduce its workforce after Musk took ownership. According to communications obtained by CNBC, employees were told that they would be laid off.
According to three letters of notice that the company sent to regional authorities, the cuts affected almost 1000 employees in California.
There is no choice when the company is losing over $4 million per day. Everyone who left was offered three months of employment, which is 50% more than the law requires.
CNBC could not confirm whether Musk's description was accurate. It would take $4 million a day to make up the annual loss.
Noah Glass, Biz Stone and Evan Williams were co-founding members of the company. He held the top job twice before stepping down as CEO. As part of Musk's takeover, the company's then-chief technology officer left.
Block, formerly known as Square, is now solely managed by the man. He has been an ardent supporter of Musk's takeover. I think it's true.
The report was contributed to by Lora and Jonathan.
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