Layoffs looming at Twitter, Goldman Sachs, Gannett
As a buyout looks unlikely, the micro-blogging platform is reportedly planning to cut jobs, but it’s not the only organization giving employees bad news.
On Monday, Bloomberg reported that the social media platform might soon lay off roughly 300 people, though the exact number and timing of the cuts aren’t confirmed.
The layoffs rumor mirrors last year’s staff cuts, when co-founder Jack Dorsey took back the reins of the platform. He has been unable to turn around Twitter’s decline—and now appears to be bracing the company for a fight to survive without hope of a buyout.
Twitter has been on an absolute rollercoaster since Dorsey took over around this time last year. Dorsey opened his tenure by laying off 8% of the company, and throughout his time as CEO, has seen Twitter’s value cut nearly in half. That’s been a result of slow-to-no user growth, slowing revenue growth, and being constantly dogged by issues surrounding trolls on the platform. (The latter actually scared away Disney and Salesforce as potential suitors.)
Bloomberg reported:
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