It’s safe to say today isn’t an awesome day to be working at Twitter. The social network on Tuesday announced it is laying off 336 people, or about 8 percent of its 4,100 employees around the world.
Twitter cuts 336 jobs so fast an ex-employee learns fate by “no access” notice http://t.co/d3iflKjMnr by @MeganGeuss
— Ars Technica (@arstechnica) October 13, 2015
Twitter cuts 336 jobs: http://t.co/xBWQPdy5TW More evidence that Tech Bubble 2.0 is popping. This is just the start, folks. — Jesse Colombo (@TheBubbleBubble) October 13, 2015
The move comes just a week after Twitter co-founder Jack Dorsey (pictured) was named permanent CEO.
Made some tough but necessary decisions that enable Twitter to move with greater focus and reinvest in our growth. http://t.co/BWd7EiGAF2 — Jack (@jack) October 13, 2015
I love the logic, it is used all over the corporate world. “By eliminating people it will make us stronger” – Translation: “By eliminating people in the short term it will mean we will be closer to our quarterly stock target and bonuses can be paid.”
Twitter quickly became a global sensation after its launch in 2006, but the social media platform’s growth has slowed and it has yet to turn a profit.
Hope these cuts don’t affect Twitter’s “Moments.” I was just beginning to get the hang of this nice little wrinkle. http://t.co/IcFD8sILUL — Carol Gee (@GeeCarol) October 13, 2015
A red morning: Dow falls 90 points and Nasdaq off 0.6%. Twitter jumps 3% after cutting 8% of its workforce. http://t.co/A9OlUXl3FI
— CNNMoney (@CNNMoney) October 13, 2015
Dorsey ran Twitter in 2007-2008 and served as interim chief executive for the third quarter after Dick Costolo resigned in June. How many of you use Twitter while you are on the go? Do you think this will affect the success of the platform going forward? Do you think Twitter’s time is done?
Share your thoughts in the comment section below and add this story to your facebook/twitter timeline to inform everyone.
