Due to its enormous workforce, Twitter loses $4 million, says Musk

Twitter’s new owner, Elon Musk, claims that the firm loses $4 million every day as a result of its extensive global workforce.

The billionaire attempted to defend the massive layoffs that rocked the business on Friday by claiming they were required to lower platform operating expenses.

“Regarding Twitter’s reduction in force, regrettably, there is no choice when the company is losing over $4M/day,” The Chief Twit, as he goes by, wrote in a tweet on Friday.

Additionally, Musk asserted that the sacked employees would receive “3 months of severance, which is 50% more than legally necessary.”

Employees at Twitter received notice on Thursday night that layoffs would start immediately and that they should not report to work on Friday, according to the New York Times.

Employees who were impacted by this decision also revealed on Twitter that they were unexpectedly logged off of business email and systems on Friday.

In an effort to put Twitter on a healthy path, we will go through the challenging process of decreasing our global staff, according to the email.

We acknowledge that this may negatively affect a number of people who have contributed significantly to Twitter, but this step is regrettably required to ensure the viability of the company going ahead.

Bloomberg also claimed on Thursday, citing unnamed sources, that Musk intended to change the company’s current work-from-anywhere policy in addition to letting go of half of its employees.

Ever since he assumed leadership of the organization in October, the richest man in the world has made significant changes.

Major corporate executives, including the former CEO Parag Agrawal, the Chief Financial Officer Ned Segal, the Chief Legal Officer Vijaya Gadde, and the general counsel Sean Edgett, have already been fired by Musk.

Additionally, the blue tick verification badge, which is used to identify public personalities, will now cost $8 per month, according to the Tesla Boss.

Musk is standing by his decision, despite the criticism he has gotten for the additional step.

It will cost $8 to trash me all day, he tweeted on Saturday.