Elon Musk is attempting to make Twitter, which he purchased for $44 billion, a profitable company by laying off workers. Layoffs affecting 3,700 workers, or half of the workforce, would start on Friday, according to a company-wide email sent yesterday.
The company sent out an email on Thursday informing every employee that their global headcount would decrease on Friday. Every employee will get an email with the subject "Your Role at Twitter" by 9 PM IST.
Mass layoffs for Twitter. Usership on Twitter is down, and Dogecoin is down 7%.
Elon Musk is trying to turn Twitter, which he bought for $44 billion, into a viable business by reducing its personnel. A company-wide email was sent yesterday announcing that layoffs would begin on Friday, affecting 3,700 employees, or half of the staff. Due to this, Twitter is down for the majority of users, Dogecoin's price fell over 7% in the past day, and Twitter is being sued in a class action for mass layoffs.
Twitter is down due to Elon Musk's plans.
The corporation informed all of its employees through email on Thursday that its global headcount would be reduced on Friday. By 9 PM IST, every employee will receive an email with the subject line "Your Role at Twitter."
Employees will be informed by official Twitter email if their employment is "not" impacted. Employees will, however, get a communication with the following steps in their personal email if their employment is affected. While the layoff process is ongoing, Twitter headquarters will be closed on Friday.
While this is going on, people are having trouble accessing Twitter, with many claiming that it is "down" due to layoffs. While some workers are eager to be let go and get severance pay, others appear to disagree with Elon Musk and may consider suing.
Shannon Liss-Riordan represents the claimant, who has previously brought a class action lawsuit. The case Cornet v. Twitter Inc. was brought to the US District Court for the Northern District of California on Thursday. The Worker Adjustment and Retraining Notification Act is alleged to have been violated by Twitter in this instance (WARN).
According to a tweet from the California Labor Federation, the WARN statute requires companies to give affected workers and state and local legislators 60 days' notice before a mass layoff.
The CFIUS of the U.S. Treasury is also examining whether it has the ability to look into Elon Musk's $44 billion purchase of Twitter.
Dogecoin (DOGE) Price Keeps Declining
After Elon Musk assumed the role of acting CEO of Twitter for a week, Dogecoin experienced a rise of over 100%. But over the past few days, the price of DOGE has fallen much further.
The DOGE price is currently $0.12378, down more than 7% over the previous day. Additionally, Dogecoin's nearly 100% gains have fallen to 55% presently. The MASK token, which is rumored to be one of the tokens supported on Twitter, is currently down 20%.
