Twitter to trim 8 percent of its staff
Found on CNet News on Tuesday, 13 October 2015
The social network will lay off up to 336 employees, or about 8 percent of its workforce, as it looks to streamline its operations, Dorsey said Tuesday.
Known for the brevity and speed of users' posts, Twitter has been struggling trying to engage to a broader audience.
Twitter had 4,100 workers around the world, half of them engineers and the rest spread among administrative and marketing, as of June 30.
Twitter's stock rose as much as 5 percent Tuesday on news about the layoffs.
Stock market logics: fire 8% and win 5%. Maybe if Dorsey lays off 80% he could make 50% more? That said, it is surprising how something as trivial as posting short lines of text (which are in 99.999% of all cases utterly pointless) onto a website can provide jobs for 4100 people.