Twitter slashes number of staff

Posted on October 15, 2015

 

New Twitter CEO Jack Dorsey may want to add ‘headsman’ to his CV after taking the axe to hundreds of jobs at social networking site Twitter.

Barely a week after taking up the post of Chief Executive of the company, Dorsey announced that 336 jobs – around 8% of its entire workforce – were no more.

Dorsey, 38, who founded Twitter in 2006, was appointed as the interim head of the company in June this year following the resignation of former CEO Dick Costolo, and was given the job permanently early in October.

Since being back in the hot seat, the billionaire was vocal in his demand for bold moves to woo more users of the platform. These included scrapping its 140-character limit for tweets, ‘buy now’ options for business accounts and Moments, collections of tweets on a particular subject that are designed to attract people who are put off by the fast pace of Twitter.

In a letter to Twitter staff, Dorsey said:

“We feel strongly that Engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce. And the rest of the organisation will be streamlined in parallel.”

Mr. Dorsey also indicated that the cuts would allow the company to develop new features much faster than had been the case previously.

The cuts should cost the company between $10million and $20million (£6.5million and £13million), but it’s expected that third quarter profits should be around the forecasted $560million (£367million).

Shares in the company jumped by 6% following the announcement.

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