Thursday Digest: Twitter to cut 50% of workforce, Stripe to lay off 1,000 - San Francisco Business Times

In a move to reduce costs, newowner Elon Musk now reportedly plans to eliminate about 3,700 jobs at the San Francisco social media company — roughly 50% of its workforce — and will likely inform affected staffers Friday. The terms of the headcount reduction, which had been estimated at as high as 75% of the workforce, could still change, though.

In one scenario, laid off workers will be offered 60 days’ worth of severance pay. Twitter Chief Accounting Officer Robert Kaiden has also left the company. Over the weekend, a few employees with director and vice president jobs were cut, while other leaders were asked to make lists of employees on their teams who could be cut. Musk also intends to reverse the company’s existing work-from-anywhere policy and will ask remaining employees to report to offices.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Amazon, Lyft, Stripe buckle down amid strong labor marketAmazon announced a hiring freeze, while Lyft, Stripe and Chime all announced layoffs, citing concerns about the economy. Reminder: this is due to the incompetence of JoeBiden & TheDemocrats! 🤡 Oh well Biden is telling his donors in California we are going to free Iran .. is he sending troops there Can we get the media to follow up on Biden’s statement Lyft has tgeir doirs locked in Phoenix tonight
Source: axios - 🏆 302. / 63 Read more »