“We’re not commenting on rumor and speculation”, a Twitter spokesman said.
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Twitter plans to lay off employees next week, a move that is expected to come just days after Jack Dorsey took the reins as the company’s permanent CEO, Recode reported citing anonymous sources.
On Tuesday, Twitter rolled out a radically new feature called Moments to help casual or hesitant users discover content on the social network.
Dorsey is also reportedly stopping a plan to expand the company’s San Francisco’s headquarters. The company was planning to pull in more space at a building across from Twitter HQ-home to Square, which Dorsey also runs. The precise number or percentage of staff affected is unclear.
The cuts will be made company wide, Re/code said.
The reason? According to numerous reports, Twitter is allegedly going to tighten up operations starting next week, and layoffs are allegedly a part of the grand plan. “My focus is to build teams that move fast, and learn faster”, Dorsey tweeted in several messages Monday.
Twitter shares slipped almost four percent to $29.74 in after-market trades.
Twitter’s 4,200 employees welcomed Dorsey’s return to the company as permanent chief executive only last week and one of his first duties will be to oversee the restructuring of its engineering division which makes up nearly half of its staff.
“We’re working hard at Twitter to focus our roadmap on a few things we can make really great”.
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Twitter is betting that the second coming of co-founder Dorsey as chief executive will bring blockbuster growth that has eluded its grasp and disappointed investors.
