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Twitter is planning on firing around 8 percent of its workforce roughly a week after other companies decided not to buy it.
CEO Jack Dorsey dismissed approximately 336 employees last year as his first major decision at the helm of Twitter. He is considering eliminating about 300 people once again.
The announcement of the massive layoff is expected before third-quarter earnings are publicized Thursday, a person familiar with the issue told Bloomberg.
Twitter is evidently trying to control spending as sales growth lags. The social media company was trying to find potential buyers in recent months, but no one bit. Salesforce, a cloud computing company, as well as Google, Disney, and Apple, all decided not to make a bid.
The CEO of Salesforce, Marc Benioff, said it was “not the right fit” for his company. Famous money manager Jim Cramer says that Twitter’s handling of “trolls” (people who are deliberately provocative, controversial, or offensive online) is the reason for Benioff and Salesforce being turned off from the prospect of an acquisition.
Shares for Twitter dropped as far as 4 percent Tuesday.
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