New York: Amid massive layoffs at Twitter across the world, including in India, and the subsequent backlash, the microblogging site’s new owner Elon Musk on Saturday justified the move, saying there was “no choice” when the company was losing millions of dollars daily.
The company posted a net loss of USD 270 million in the second quarter ended June 30, 2022 compared to a profit of USD 66 million in the same period a year ago. “Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day,” Musk tweeted.
“Everyone exited was offered 3 months of severance, which is 50% more than legally required,” he added. Hundreds of employees were handed the pink slips at Twitter on Friday as Musk, 51, started overhauling the social media platform which he bought for a whopping USD 44 billion late last month.