Following his $44 billion acquisition, Elon Musk claimed that Twitter’s $4 million daily loss caused some employees to be let go.
In order to protect Twitter’s earnings at a time when the social networking site was losing advertisers, Musk explained that the business was forced to make workforce reductions.
In addition to Volkswagen Group, owner of the VW, Seat, Cupra, Audi, Lamborghini, Bentley, Ducati, and Porsche brands, General Motors and General Mills Inc. have already stopped running advertisements on Twitter.
While content moderation has remained unchanged and we did everything we could to placate the activists, Musk lamented that Twitter’s ad revenue had dropped significantly as a result of activist groups pressuring advertisers. Absolutely messed up! They’re attempting to end free speech in the United States.
Over 3,700 employees at the company are reportedly in danger of losing their jobs due to the collapse of Twitter’s ad revenue.
Musk claimed on Twitter on Saturday that the fired employees received three months’ worth of severance pay, which is 50% more than the minimum amount required by law.
“Unfortunately, there is no choice regarding Twitter’s reduction in force when the company is losing more than $4M every day. Everyone who was let go received a 3 month severance package, which is 50% more than what was legally required.