Twitter CEO Jack Dorsey addresses college students throughout a city corridor on the Indian Institute of Expertise (IIT) in New Delhi, India, November 12, 2018.
Anushree Fadnavis | Reuters
Twitter co-founder Jack Dorsey apologized Saturday for rising the corporate “too shortly,” a day after the corporate laid off roughly half of its workers beneath new proprietor Elon Musk.
“People at Twitter previous and current are robust and resilient. They’ll at all times discover a method irrespective of how troublesome the second,” Dorsey wrote in a tweet. “I understand many are indignant with me. I personal the duty for why everyone seems to be on this state of affairs: I grew the corporate measurement too shortly. I apologize for that.”
As of June 30, 2013, shortly earlier than the social media firm went public, Twitter had roughly 2,000 workers, in response to paperwork filed with the U.S. Securities and Trade Fee. By the top of final yr, the corporate reported greater than 7,500 full-time workers.
After Tesla and SpaceX CEO Musk took possession of Twitter on Oct. 28, the corporate launched into a steep discount in its workforce. Twitter knowledgeable workers Thursday night that it will start shedding workers members, in response to communications obtained by CNBC.
The cuts affected a complete of 983 workers in California, its dwelling state, in response to three letters of discover that the corporate despatched to regional authorities, which have been obtained by CNBC.
Musk wrote in a tweet on Friday afternoon, “Concerning Twitter’s discount in power, sadly there isn’t a selection when the corporate is dropping over $4M/day. Everybody exited was supplied 3 months of severance, which is 50% greater than legally required.”
Twitter’s discount in power prolonged past California, and CNBC couldn’t instantly affirm whether or not Musk’s description is correct. A lack of $4 million per day on the firm would characterize an annual loss round $1.5 billion.
Dorsey co-founded Twitter in 2006 alongside Noah Glass, Biz Stone and Evan Williams. Dorsey held the highest job twice all through management adjustments and stepped down as CEO final yr. The corporate’s then-chief know-how officer Parag Agrawal succeeded Dorsey as CEO earlier than leaving as a part of Musk’s takeover.
Dorsey has since shifted his focus to solely managing his funds firm Block, previously often called Sq.. He has been an outspoken advocate of Musk’s takeover, writing in a tweet that “That is the suitable path… I consider it with all my coronary heart.”
—CNBC’s Lora Kolodny and Jonathan Vanian contributed to this report.