A Twitter spokesman tells The Hollywood Reporter that the company is “not commenting on rumor and speculation”.
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Twitter had 4,100 employees at the end of June.
It’s rumored that Twitter engineers might get hit hardest in the layoffs, but said layoffs should affect nearly every department at Twitter.
Twitter co-founder and CEO Jack Dorsey is planning companywide layoffs next week after being named the company’s permanent chief earlier this week, according to a report. His reappointment has tasked the 38 year-old with reviving the battered social media giant which has suffered greatly from a stagnating user growth. The San Francisco-based company has been reorganizing its product and engineering departments over the past year.
Dorsey, signaled in July when the San Francisco tech firm released its second-quarter earnings that change was coming to Twitter.
He continues, “But over time it became apparent to us that Jack was not just meeting but surpassing the expectations we had of him as interim CEO while also running Square”. “Reducing costs by reductions is always tough, but a better focus on execution and innovation will help them in the long run”. The precise number or percentage of staff affected is unclear. According to Re/code, this includes cutting staff across the company – starting next week. The technology site Recode earlier reported on the layoffs.
Venture Beat also adds that Twitter’s shares, which closed at $30.84 on Friday, have dropped by 2.74 percent in after-hours trading following the report of the layoffs.
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Twitter has grown large since it was founded in 2006.
