Elon Musk Says He Had ‘No Choice’ in Slashing Twitter Workforce, Claims Company Was Losing $4 Million Daily

Elon Musk said the massive job cuts he ordered Friday at — axing roughly 50% of the social network’s employees — were unavoidable. “Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day,” the billionaire tweeted. He said every Twitter staffer who was fired was offered three months of severance, which Musk said is “50% more than legally required.” Musk need to cut costs at Twitter because the company was facing a not only a high burn rate but also the need to repay (and pay interest on) the $13 billion in debt… Read Full Article