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Twitter Planning To Lay Off Employees

Twitter

Jack Dorsey’s second inning at Twitter is coming with a whole lot of changes, such as adding character length to tweets, editing tweets and laying off a good chunk of its employees this week.

According to reports, Dorsey, who was just picked as the company’s permanent CEO, is moving fast to bring business-defining changes to the company, whose stock value has been underperforming for over a year now.

While a Twitter spokesperson declined to comment directly to Re/code’s question about laying off employees saying, “We’re not commenting on rumor and speculation,” sources told Re/code that the San Francisco-based company was planning company-wide layoffs, which would affect most, if not all, of its departments.

Twitter, which went public in November 2013, had about 2,000 employees before it filed for its IPO but has since doubled to about 4,100 employees. Meanwhile, the company’s growth has continued to take a hit. For instance, the company user base has grown by less than 50 percent, while it has continued to bloat its engineering team.

To revive its stagnating numbers, the company is also launching new products, such as Twitter Moments, which curates videos, pictures, Vines and gifs around trending content for users. The company has also reportedly partnered with news outlets, like BuzzFeed, Vogue, Mashable, Fox News, The Washington Post and The New York Times to curate Moments for their readers.

Recently, the company also officially launched buy buttons that allow users to buy content right off their Twitter feed with minimal steps involved.

Last month, as part of its bid to boost its eCommerce offerings, the company partnered with Square, also founded by Dorsey, to power $Cashtags, which allow users to donate money to their favorite candidates running in the 2016 Presidential election.

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