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Source: Rokas Tenys / Shutterstock.comTwitter layoffs have finally started as Elon Musk starts cutting jobs after buying the social media company.
These layoffs don’t come as much surprise considering Musk was vocal about reducing the headcount at Twitter following the acquisition. While the exact number of employees being laid off is unknown, reports claim it will range from 25% to 50% of workers.
In addition to this, Musk is requiring employees to start showing up at offices for work. Previously, Twitter allowed employees to work remotely without having to make an appearance at its offices.
However, before that happens, the Twitter offices are being closed down. This is a safety precaution that will deactivate all employee badges. Once the layoffs are complete, those offices will reopen to employees.
Twitter Is Facing a Lawsuit Over the Layoffs
Some employees are taking legal action against Twitter due to the mass layoffs. This has to do with the WARN Act, which requires 60 days’ written notice for layoffs affecting more than 50% of a location’s employees.
These jobs cuts come after Musk already cleared out many of the executives at Twitter following his takeover. That included prior CEO Parag Agrawal. After that, Musk went on to dissolve the social media company’s Board of Directors.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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