Twitter lay-offs begin as Elon Musk warns of ‘massive drop’ in revenues

Published by
City AM

By Louis Goss Elon Musk has begun laying off thousands of Twitter workers after warning the social media company is losing more than $4m a day due to a “massive drop” in advertising revenues. The tech billionaire began pushing forwards with plans to lay off around half of Twitter’s 7,500 staff, just more than a week after completing his purchase of the San Francisco company. In a tweet, Musk said he had “no choice” but to reduce the size of Twitter’s workforce, as he accused “activist groups” of “pressuring advertisers,” leading to a “massive drop in revenue”. Twitter’s new owner added that “e…

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