Jack Dorsey, Twitter’s cofounder, apologized on Saturday, November 5, 2022, for growing the firm too fast, a day after the company sacked almost half its workforce under Elon Musk, the new owner.
Dorsey said Twitter workers, past and present, are ‘strong and resilient and will find a way despite the difficult moment.
He said;
“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.”
Before Twitter went public on June 30, 2013, it had about 2,000 employees, per documents filed with the US Securities and Exchange Commission.
By the end of last year, the company reported that it had 7,500 full-time employees, according to reports by CBNC.
After Musk took over the company on October 28, 2022, the firm began abruptly reducing its workforce.
The company told employees on Thursday, October 3, 2022, that it would start sacking members.
A letter sent to regional authorities said that the layoffs affected about 983 employees in California.
Musk tweeted that the ongoing reduction on Twitter leaves them with no choice when the company is losing over $4 million daily, saying that everyone who left was paid three months of severance, which he claims is 50 per cent more than the legal requirement.
The company’s reduction in workforce was far and wide as employees in its Africa office in Ghana were also affected.
Musk’s $4 million loss daily would represent an annual loss of around $1.5 billion.
Dorsey co-founded Twitter 17 years ago with Noah Glass, Biz Stone, and Evan Williams. He was the company’s CEO twice and stepped down last year.
Parag Agrawal, the company’s then Chief Technology Officer, succeeded him before he was sacked after Musk took over.
Dorsey now concentrates on managing his payments firm, Block. He has been vocal about the Twitter takeover.
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