Tech Giants are firing!

 Elon Musk orders job cuts at Twitter

Days after acquiring Twitter, its chief Elon Musk has reportedly ordered some managers on Saturday to "draw up lists of employees to cut". 

Previous reports indicate Musk seeks to cut down on Twitter’s workforce by 75%, though he reportedly told employees otherwise when he arrived at the company's headquarters carrying a sink on Wednesday.

Twitter currently has about 7,500 employees, but the number of staff being laid off remains to be seen, although it is noted that some departments will be affected more than others.

Layoffs could occur before November 1, the same day employees are due to receive stock grants, which "typically represent a significant portion" of their pay. By firing workers before this date, Musk thus may avoid paying the grants.

Source Russian Market - 30th Oct 2022

Meta Culls 11K Jobs - Zuckerberg says his ‘missteps’ led to overstaffing

Facebook’s owner is laying off 13% of its workforce, some 11,000 employees, CEO Mark Zuckerberg said in a letter to staff.

“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” Zuckerberg said.  Adding the firm is “taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”

The layoffs come as Meta’s share price plunged 70+% this year, with investors weary of its spending on the Metaverse and threats to the core business.

Reality Bites @RT_India_official  Nov10, 2022