Twitter laying off fourth of its employees, Elon Musk says “the company is losing over $4m a day”

Twitter Inc. plans to eliminate a fourth of its workforce in the biggest round of cuts yet since billionaire Elon Musk took over. <br><br>The company expects to shed nearly 3,800 jobs, according to people familiar with the decision. Musk is meeting employees to explain the move, one of the people said, asking not to be identified because the information is private. <br><br>At a closed-door meeting with employees, Musk said Twitter is losing as much as $3 million a day. “Unfortunately, the company is losing over $4 million a day,” Musk said, citing “revenue loss” and “a large number of untrustworthy users” as a major problem. <br><br>He said “a number of engineering positions will be cut” and “as far as positions in other areas go, at least a third will be let go.” Musk also said he aims to reach breakeven to “half a year,” but that the road to profitability “will be difficult.”<br><br>He said “all of you who have been laid off by now have received an email. Those who stay will also receive an email,” adding that “the decision was so difficult because the staff at Twitter are amazing. I just want you to know that. Even if some of you are let go, you are still amazing.”<br><br>Musk plans to cut half of Twitter's 7,500 full-time employees and thousands of the contractors that the company relies on for services such as content moderation, according to people familiar with the matter. Mana<br><br>---<br><br>(THIS IS A BLOG POST FROM BLOOMBERG, NOT ME)