Stock Exchange Day Friday, November 4, 2022

Stock Exchange Day Friday, November 4, 2022

employees of Twitter Expect to find out via email today whether they’re still working for the online service after the acquisition of Elon Musk. The letter will be provided with the subject “Your role on Twitter”, the company announced in a circular mail published by several US media. According to media reports, with 3700 jobs, almost every second job in short messaging service could be lost. Tech billionaire Musk completed the purchase of Twitter last week for about $44 billion.

According to the circular, employees who can remain on Twitter should receive the email at their company address on Friday (5:00 p.m. CET) US West Coast time. Anyone who loses their job will receive information about the next steps on their personal e-mail address.

Twitter offices will be closed on Friday and all access cards will be disabled. This should be a precautionary measure to prevent any protest action by those released. This wouldn’t be unprecedented: In November 2017, on his last day on the job, a support worker deactivated the Twitter account of then-US President Donald Trump. It took him about ten minutes to be back online.

The circular said the job cuts were “unfortunately necessary to ensure the company’s future success.” Twitter was in the red recently. Musk also took out about $13 billion in debt for the acquisition deal — and according to media reports, his servicing requires more money from the Twitter business than it generates in free funds.

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