Twitter is looking into alternative revenue-generating options to offset the decline in earnings.
Digital Desk: A report from Insider states that Twitter may be about to fire 50 employees from its product group. Although there hasn't been a firm announcement on the timeframe for the layoffs, they might take place soon.
The majority of Twitter's staff were let go by Elon Musk, who recently acquired the firm, just a few months before the release of this news. Musk has previously pledged that the company would not make any more layoffs. However, declining profitability and a sizable amount of debt have put the company's finances under strain.
At the end of January, Musk is scheduled to make the initial interest payment on the $13 billion loan he took out to buy Twitter. In addition, a Platformer analysis showed a 40% decrease in revenue year over year for Twitter.
Twitter is looking into alternative revenue-generating options to offset the decline in earnings. The company is currently auctioning off furniture from its San Francisco headquarters, which includes not only custom sculptures but also standard goods like chairs and desks.
How these layoffs and other financial decisions will affect Twitter's overall performance over the next few months is yet unknown. Despite the difficulties, the business is trying to find ways to stabilise its revenue and reduce expenses.