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

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.

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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.

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.

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.

According to transcripts of his remarks provided to The New York Times, Zuckerberg stated during an internal meetingthat 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)

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