Twitter founder Jack Dorsey says, “Grew the company too quickly”
Dorsey, in a tweet apologised and said, "I grew the company too quickly.
- Nov 5, 2022,
- Updated Nov 5, 2022 11:57 PM IST
A week after the world’s richest man took over Twitter, multiple employees have lost their jobs. Last Friday, Musk sacked the top brass including Indian-origin CEO Parag Agrawal and legal head Vijay Gadde. And this Friday, the company terminated jobs across the globe.
In a surprising move, social media giant’s co-founder Jack Dorsey took responsibility of the layoffs and tweeted, "I grew the company too quickly.
This came hours after Musk confirmed the reports of layoffs. He justified them saying that Twitter is losing $4 million a day and assured a big severance for all who lost their jobs.
At Twitter India, over 50% of the staff was laid off without prior intimiation.
According to sources quoted by PTI, the layoffs affected engineering, sales and marketing, and communications teams.
The entire marketing and communications department in India has been reportedly fired.
Meanwhile, in the U.S, several employees received a mail saying, "If on way to office, please return home."
About 3,700 employees have sued Twitter for the wrongful termination, following Elon Musk's takeover of the microblogging website.
Twitter was created by Jack Dorsey, Noah Glass, Biz Stoned and Evan Williams in March 2006 and launched in July of that year.
Tesla CEO Musk started accumulating shares of the company and emerged as major shareholder in March 2022. He then proposed to buy it for $44 billion. After much back and forth and a legal battle later, he became the owner of the company on October 25.
Ever since the takeover, he has been on a mission to revamp the company. He announced a hike in price for Twitter’s Blue subscription which now would include the blue checkmark. It will now cost $8 from its current price of $5.
This move hasn’t gone well with Twitter users and they have made sure of communicating that to the world’s richest man through tweets. However, Musk seems sure of his move. He justified it by explaining that this would be a source of paying the bills of the company and is the only way of defeating spam and bot accounts.
New York Congresswoman Alexandria Ocasio-Cortez took a dig at Musk by tweeting, "Lmao at a billionaire earnestly trying to sell people on the idea that 'free speech' is actually an $8/mo subscription plan."
But Musk, sure of his decision promptly replied to her, “Your feedback is appreciated, now pay $8."
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine
A week after the world’s richest man took over Twitter, multiple employees have lost their jobs. Last Friday, Musk sacked the top brass including Indian-origin CEO Parag Agrawal and legal head Vijay Gadde. And this Friday, the company terminated jobs across the globe.
In a surprising move, social media giant’s co-founder Jack Dorsey took responsibility of the layoffs and tweeted, "I grew the company too quickly.
This came hours after Musk confirmed the reports of layoffs. He justified them saying that Twitter is losing $4 million a day and assured a big severance for all who lost their jobs.
At Twitter India, over 50% of the staff was laid off without prior intimiation.
According to sources quoted by PTI, the layoffs affected engineering, sales and marketing, and communications teams.
The entire marketing and communications department in India has been reportedly fired.
Meanwhile, in the U.S, several employees received a mail saying, "If on way to office, please return home."
About 3,700 employees have sued Twitter for the wrongful termination, following Elon Musk's takeover of the microblogging website.
Twitter was created by Jack Dorsey, Noah Glass, Biz Stoned and Evan Williams in March 2006 and launched in July of that year.
Tesla CEO Musk started accumulating shares of the company and emerged as major shareholder in March 2022. He then proposed to buy it for $44 billion. After much back and forth and a legal battle later, he became the owner of the company on October 25.
Ever since the takeover, he has been on a mission to revamp the company. He announced a hike in price for Twitter’s Blue subscription which now would include the blue checkmark. It will now cost $8 from its current price of $5.
This move hasn’t gone well with Twitter users and they have made sure of communicating that to the world’s richest man through tweets. However, Musk seems sure of his move. He justified it by explaining that this would be a source of paying the bills of the company and is the only way of defeating spam and bot accounts.
New York Congresswoman Alexandria Ocasio-Cortez took a dig at Musk by tweeting, "Lmao at a billionaire earnestly trying to sell people on the idea that 'free speech' is actually an $8/mo subscription plan."
But Musk, sure of his decision promptly replied to her, “Your feedback is appreciated, now pay $8."
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine