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According to a report by Forbes website on November 4, social media company Twitter was hit with a class action lawsuit in California federal court on the evening of the 3rd, accused of violating federal and state labor laws and failing to notify its employees in place before large-scale layoffs planned on the 4th. . It is reported that Twitter plans to lay off half of its staff.
According to the British Sky News Network, Elon Musk responded to Twitter’s layoffs in a tweet on November 4, local time, Musk wrote on Twitter: “Regarding Twitter’s layoffs, unfortunately, when When the company is losing more than $4 million a day, it has no choice. Everyone who leaves gets 3 months of severance, which is 50% higher than required by law.”
American billionaire Elon Musk recently completed the acquisition of Twitter, after media exposure, he plans to lay off 50% of the workforce. According to the latest reports from Reuters and NBC, Twitter issued an email notice to employees on the evening of the 3rd local time, and the company will notify employees by email whether they have been laid off from the morning of the 4th.
Twitter sends layoff notices, staff ‘chaos’
The world’s richest man and Tesla CEO Elon Musk recently completed the acquisition of Twitter. According to media reports, he plans to lay off 50% of his staff. According to the latest reports from Reuters and NBC, Twitter issued an email notice to employees on the evening of the 3rd local time, and the company will notify employees by email whether they have been laid off from the morning of the 4th.
“We recognize that this will affect some of the people who have made valuable contributions to Twitter, but unfortunately, to ensure the company’s successful growth, this (layoff) action is Necessary.”
The report also said that a Twitter employee revealed that the November 3 email was the first time Twitter staff received contact from the company after Musk acquired Twitter on October 27, local time. Regarding the impact of the email, the employee also said: “It was a complete mess, the whole room (people) collapsed and everyone was staring at the email.”
Twitter also said the company’s offices would be temporarily closed, suspending access to any badges and other credentials to “help ensure the security of every employee and Twitter’s systems and customer data.”
It is worth noting that Twitter employees filed a class action lawsuit in San Francisco federal court on the 3rd local time, accusing Twitter of initiating mass layoffs without giving sufficient notice, violating federal and California law.
After Musk completed the acquisition, his plans to revamp Twitter attracted attention, and multiple foreign media reported that he planned to cut 50% of the workforce. Singapore’s “Lianhe Zaobao” said earlier news that Twitter would lay off 75% of its workforce after the acquisition, but Musk denied this. But Gobert, chief executive of Gerber Kawasaki Wealth and Investment Management, said Burchar, the head of the family office that manages Musk’s assets, told him that Twitter was about to make layoffs and “expect about 50% to be fired.” .
The Washington Post said that according to people familiar with the matter, Twitter has more than 7,000 employees, and Musk’s team is deciding on the first round of layoffs, with the goal of laying off about a quarter of its employees.
Major U.S. tech companies announce layoffs
Affected by rising inflation and deteriorating economic conditions, many large technology companies in the United States announced layoffs or suspended hiring on the 3rd local time.
According to China News Agency, Stripe CEO Patrick Collison, headquartered in San Francisco, USA, said in a memo to employees on the 3rd that the company will lay off 14% of its staff. According to the memo, Stripe will reduce the number of employees to about 7,000, which means this round of layoffs will affect about 1,100 people.
Layoffs are necessary amid rising inflation, a recession, rising interest rates, an energy crisis, tight investment budgets and a shortage of start-up capital, Collison said.
Ride-sharing company Lyft also announced layoffs on the same day. In a memo to employees, Lyft CEO Logan Green and President John Zimmer said the company would cut 13% of its workforce, with all divisions affected. Lyft has more than 5,000 employees, and the company confirmed plans to “fire about 683 employees” in a filing on the 3rd.
CNN reported that Amazon said on the 3rd that it plans to suspend hiring for several months due to the economic environment. In addition, large technology companies such as Google’s parent company “Alphabet” and Facebook’s parent company Metaverse Platform have also stepped up cost control efforts.
Source: International Online
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