According to a report via the BBC, social media giant Twitter will be slashing 336 jobs – which is the equivalent of 8 percent of the company’s workforce.
According to the BBC report, the news of the job cuts came from a letter issued, by Twitter Chief Executive Jack Dorsey, to Twitter employees which stated that: “We have made an extremely tough decision – we plan to part ways with up to 336 people from across the company.”
The letter to the employees further stated that: “We are doing this with the utmost respect for each and every person. Twitter will go to great lengths to take care of each individual in providing generous exit packages and help finding a new job.”
Dorsey told employees: “Emails like this are usually riddled with corporate speak so I’m going to give it to you straight.”
Dorsey went on to outline how the Twitter had been “working around the clock to produce streamlined road map for Twitter, Vine and Periscope” and described the company’s latest innovation as “a bold peek into the future of how people will see what’s going on in the world.”
According to the BBC report, the job cuts will cost between $10m (£6.5m) and $20m in severance pay, while the restructuring will cost between $5m and $15m, the company said.