Twitter, preparing a massive wave of layoffs

Hi-Tech Nilgun Salim
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Twitter is planning a new wave of layoffs, which will be announced this week, according to sources cited by Bloomberg.

The company might cut 8% of the total workforce, which represents nearly 300 employees. This announcement is very similar to the strategy adopted on last year, when new CEO Jack Dorsay took over the company.

The plans regarding the massive reduction of the staff are still debated and the final figures might change, suggested the same sources.

There is no secret that the social network is constantly loosing money and they are struggling to cut the expenses.

Recently, they hired bankers in order to discuss about a potential sale despite the fact that no one seems interested in purchasing it.

Twitter shares fell by 40% last year, which made it difficult for the company to pay its engineers with shares.

Saleforce.com, the American company specialized in cloud solutions, announced last week that he would not make an offer to purchase Twitter, the social network remaining without any potential buyer, writes Reuters.

In these circumstances, CEO of Twitter, Jack Dorsey must find another solution to redress the social network whose members are decreasing and the losses are becoming more and more significant due to the fierce competition with other social networks such as Facebook, Instagram or Snapchat.

After its launching in 2006, Twitter experienced the most rapid growth, achieving an important role in the ecosystem of global media.

However, the evolution of the start-up was affected by the administration of the business and by the management team. Also, the social network is criticized for the lack of innovation and by the lack of new improvements meant to transform Twitter into a more fun and attractive place.