Twitter layoffs have finally started, with Elon Musk starting to cut jobs after buying the social media company.
These layoffs don’t come as much surprise, considering that Musk was vocal about reducing the headcount at Twitter following the acquisition. While the exact number of employees being laid off is unknown, reports claim it will range between 25% and 50% of workers.
In addition to this, Musk is requiring employees to start showing up at offices for work. Previously, Twitter allowed employees to work remotely without having to make an appearance at its offices.
However, before that happens, the Twitter offices are being closed down. This is a safety precaution that comes with the deactivation of all employee badges. Once the layoffs are complete, the company’s offices will reopen to employees.
Twitter Is Facing a Lawsuit Over the Layoffs
Some employees are taking legal action against Twitter due to the mass layoffs. This has to do with the WARN Act, which requires 60 days’ written notice for layoffs “affecting 50 or more employees at a single site of employment.”
These jobs cuts come after Musk already cleared out many of the executives at Twitter following his takeover, including former CEO Parag Agrawal. Musk has also dissolved the company’s board of directors.
Investors looking for more of the latest stock market news for today will want to stick around!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Friday! That includes what has shares of Meta Materials (NASDAQ:MMAT) stock rising, as well as the latest news moving Chinese EV stocks and other Chinese stocks. You can catch up on all of that at the following links!
More Friday Stock Market News
- Insiders Are Buying Meta Materials (MMAT) Stock. Here’s Why.
- Why Are Chinese EV Stocks Up Today?
- Why Are Chinese Stocks Up Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
