Elon Musk-owned social media platform X (formerly Twitter) has lost 71.5 per cent of its value since the platform's takeover by the billionaire, said a disclosure made by mutual fund Fidelity accessed by Axios.

After Elon Musk’s takeover, X has lost 71 per cent of its value: Report

Twitter will alert its employees via email by 9 AM PST on Friday about whether they have been fired or not, said an internal memo copy obtained by Insider. The email also said that Twitter offices will be closed as well as all badge access will be suspended in order to ensure the “safety” of the employees as well as “Twitter systems and customer data.

Twitter set to begin mass layoffs, staff to know employment status via email: Report

Twitter is being sued by the employees over Elon Musk’s plan to cut 3,700 jobs, which is about half of the workforce, reports Bloomberg. They filed a class-action suit on Thursday in San Francisco federal court, claiming that the company’s decision to retrench the staff is in violation of federal and California law.

Elon Musk's Twitter sued over plans to lay off half of workforce

Shonda Rhimes is not using Twitter anymore! Since Elon Musk's dramatic takeover, many prominent personalities and A-listers have expressed their disappointment and claimed that they will not be using the micro-blogging site anymore.

Shonda Rhimes waves goodbye to Twitter after Elon Musk takeover: Not hanging around