How $4m daily losses trigger Twitter’s massive sack

By Motolani Oseni

Following the massive layoffs embarked upon by the new owner of Twitter, Elon Musk, facts have emerged that the company was losing not less than $4 million on a daily basis, due to its huge workforce.

Before Elon Musk’s takeover, Twitter is said to have had 8,000 workforce, out of which 3,700 are now being asked to leave.

However, Twitter co-founder and former CEO, Jack Dorsey, has apologized to the thousands of the company’s employees affected by the sack.

Musk, while justifying the mass layoffs at the weekend, noted that Twitter was losing $4 million per day due to the large workforce, DailyTimesNGR gathered.

But Dorsey, in his first open reaction to developments at Twitter, said many of the affected staff members were angry at him because he led them into the present situation. According to him, he owns the responsibility because he “grew the company size too quickly.”

Dorsey’s reaction to the development: Reacting to the developments at Twitter, the Twitter co-founder said:

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“Folks at Twitter, past, and present, are strong and resilient. They will always find a way, no matter how difficult the moment is. I realize many are angry with me. I own the responsibility for why everyone is in this situation: I grew the company size too quickly. I apologize for that.”

“I am grateful for, and love, everyone who has ever worked on Twitter. I don’t expect that to be mutual at this moment, or ever, and I understand,” he added in a tweet.