Twitter Founder Apologizes and Takes Responsibility After Recent Tsunami Firings | technology
Twitter founder Jack Dorsey apologized on Saturday for the company’s “too rapid” growth, a day after the company laid off about half its workforce under new owner Elon Musk.
“I know a lot of people are mad at me,” Dorsey wrote on Twitter. “I take responsibility for why everyone is getting into this situation. The company has grown so quickly. For that, I apologize.”
The people at Twitter, past and present, are strong and resilient. You will always find a way, no matter how difficult the moment. I know that many are angry with me. I am responsible for why everyone is in this situation: I increased the size of the company too quickly. I apologize for that.
— jack (@jack) November 5, 2022
Just before the social media company went public on June 30, 2013, Twitter had nearly 2,000 employees, according to documents filed with the U.S. Securities and Exchange Commission.
By the end of last year, the company had more than 7,500 full-time employees.
And after Tesla CEO Elon Musk took over Twitter on the 28th of last month, Twitter began severe downsizing.
The cuts affected a total of 983 employees in California, according to letters the company sent to regional authorities. I have On it is CNBC.
“In terms of downgrading the Twitter app, unfortunately there is no option when the company is losing more than $4 million a day,” Musk wrote in a tweet on Friday afternoon, “Those fired received 3 months’ compensation, the are 50% more than the legal amount.”
Unfortunately, in terms of reducing Twitter’s power, there is no choice when the company is losing over $4 million a day.
All those who left were offered 3 months’ severance pay, which is 50% more than required by law.
— Elon Musk (@elonmusk) November 4, 2022
Twitter’s downsizing stretched well beyond California, and news reports couldn’t immediately confirm whether Musk’s description was accurate when he spoke of a $4 million daily loss at the company, which translates to an annual loss of about $1.5 billion would correspond to US dollars.
Dorsey founded Twitter in 2006 with Noah Glass, Biz Stone and Evan Williams.
Dorsey has twice held the helm of the company through leadership changes and stepped down as CEO last year.
The company’s Chief Technology Officer, Paraj Agrawal, succeeded him as CEO before leaving the company as part of Musk’s acquisition.
Since then, Dorsey has shifted his focus to running his own payments company, formerly known as Square. He has been an outspoken defender of Musk’s control, tweeting, “This is the way to go… I believe in it with all my heart.”
I’m moving $1 billion of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief. After we end this pandemic, the focus will shift to girls’ health and education and UBI. It will work transparently, all flows are traced here: https://t.co/hVkUczDQmz
— jack (@jack) April 7, 2020
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