Musk-led Twitter lays off nearly 50% of workforce

Elon Musk-led Twitter fired nearly half of its employees, close to 3,700 people Friday—to reduce costs—a move that resulted in a class-action lawsuit against the microblogging platform.

The lawsuit has been filed for violating the 60-day advance notice law. 

But that is not all, in the world of Musk. The layoffs, coupled with the mass exodus from leadership positions have spooked advertisers, who make up almost 90% of Twitter’s revenue. Pfizer and General Mills have recently paused ads on Twitter.

Misinformation and the midterms
Coming back to layoffs, though Musk had vowed that the platform will not turn into a “free-for-all hellscape,” experts warn that cutting the workforce by half may deeply affect the social network’s ability to curb misinformation, especially just days before the midterms.

However, Twitter maintained that job cuts were sizably smaller in departments that deal with misinformation.

Yoel Roth, the head of safety and integrity, confirmed that the layoffs were limited in team working to prevent the spread of misinformation, saying only 15% of its workers were laid off.

Meanwhile at Tesla
The Twitter-Musk journey has affected Tesla’s shares, with stocks plunging more than 35% since the billionaire first announced his decision to buy the micro-blogging platform.