Two months after the social media giant announced a companywide hiring freeze, Twitter has undergone a massive layoff. As per a report by Techcrunch, the firm has laid off a whopping thirty per cent of its talent acquisition team today (July 8th). Except for the most important positions, Twitter is at the moment halting the majority of hiring and backfilling. The company spokesman announced that employees will receive severance compensation, however, details of the severance were not provided. As per the Wall Street Journal, some 100 employees have lost their livelihoods. Due to the fall in hiring, the remaining recruitment team will be prioritised.&nbsp;

Watch |&nbsp;Gravitas: Twitter files case against Indian government

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As the company fights to execute Elon Musk's takeover, Twitter had already announced a hiring restriction in an effort to reduce costs.&nbsp;

Only a few weeks had passed since Musk had hinted that Twitter needed to regain its health and that layoffs would follow.&nbsp;

Hiring restrictions are common during periods of significant acquisition transactions, but aside from Musk's upcoming $44 billion acquisition of Twitter, the social media site has been experiencing unstable financial conditions.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/elon-musks-proposed-twitter-acquisition-in-serious-jeopardy-over-fake-users-report-495432">Elon Musk's proposed Twitter acquisition in 'serious jeopardy' over fake users: Report</a>

The economy is going through a turbulent period and social networks aren't exempt from the market downturn. Over 30,000 software workers are thought to have lost their jobs in the last two months.&nbsp;

Not just Twitter, rivals like Meta and Snap have also taken precautions to manage their overhead.&nbsp;Just last week, Mark Zuckerberg, CEO of Meta, advised staff to get ready to work more with fewer resources.

Also read |&nbsp;<a href="https://www.wionews.com/photos/wion-explains-the-elon-musk-controversy-and-the-current-top-shareholders-of-twitter-471576">WION explains | The Elon Musk-Twitter saga; from hostile bid to the actual takeover</a>

According to transcripts of his remarks provided to The New York Times, Zuckerberg stated during an internal meeting&nbsp;that the company was experiencing one of the "worst downturns that we've seen in recent history." He warned the 77,800 employees of Meta that they will be graded more harshly than before and that they should get ready to undertake more work with fewer resources.&nbsp;He also stated that the business was decreasing its hiring goals.

(With inputs from agencies)

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Two months after the social media giant announced a companywide hiring freeze, Twitter has undergone a massive layoff. As per a report by Techcrunch, the firm has laid off a whopping thirty per cent of its talent acquisition team today (July 8th).

Two months after the social media giant announced a companywide hiring freeze, Twitter has undergone a massive layoff. As per a report by Techcrunch, the firm has laid off a whopping thirty per cent of its talent acquisition team today (July 8th). Except for the most important positions, Twitter is at the moment halting the majority of hiring and backfilling. The company spokesman announced that employees will receive severance compensation, however, details of the severance were not provided. As per the Wall Street Journal, some 100 employees have lost their livelihoods. Due to the fall in hiring, the remaining recruitment team will be prioritised. Watch | Gravitas: Twitter files case against Indian government As the company fights to execute Elon Musk's takeover, Twitter had already announced a hiring restriction in an effort to reduce costs. Only a few weeks had passed since Musk had hinted that Twitter needed to regain its health and that layoffs would follow. Hiring restrictions are common during periods of significant acquisition transactions, but aside from Musk's upcoming $44 billion acquisition of Twitter, the social media site has been experiencing unstable financial conditions. Also read | Elon Musk's proposed Twitter acquisition in 'serious jeopardy' over fake users: Report The economy is going through a turbulent period and social networks aren't exempt from the market downturn. Over 30,000 software workers are thought to have lost their jobs in the last two months. Not just Twitter, rivals like Meta and Snap have also taken precautions to manage their overhead. Just last week, Mark Zuckerberg, CEO of Meta, advised staff to get ready to work more with fewer resources. Also read | WION explains | The Elon Musk-Twitter saga; from hostile bid to the actual takeover According to transcripts of his remarks provided to The New York Times, Zuckerberg stated during an internal meeting that the company was experiencing one of the "worst downturns that we've seen in recent history." He warned the 77,800 employees of Meta that they will be graded more harshly than before and that they should get ready to undertake more work with fewer resources. He also stated that the business was decreasing its hiring goals. (With inputs from agencies) Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Twitter's massive layoff leaves 30% without a job!

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Twitter's massive layoff leaves 30% without a job!