Twitter, led by Elon Musk, has shut down two of its three offices in India after the microblogging giant fired more than 90% of its roughly 200-plus staff in India late last year.
What Happened? Per a Bloomberg report, Twitter India’s offices in New Delhi and Mumbai were shut down on Friday, with company staff who’d work out of those offices being asked to work from home as the platform led by Elon Musk tries to slash operating costs further.
Twitter’s Bengaluru office, meanwhile, continues to operate as usual as a location where most of its staff engineers who mostly report directly to the US office are based.
Since completing a $44 billion (₹3.64 lakh crore)-worth takeover was completed in late October 2022, Musk has made it his first major mission as company CEO to cut costs wherever possible and improve Twitter’s financial health. There have been media reports which suggest that Musk might even intend to step down as CEO by the end of the year, once the platform is on firmer financial footing.
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In a bid to save costs, the social media platform laid off about 50% of its staff globally late last year. In India, over 90% of its staff including a majority part of its communications team was handed pink slips.
In November 2022, Musk took to the platform to reveal that Twitter was facing “a massive drop in revenue” as advertisers including General Mills and the Volkswagen Group dropped out. The social media platform's revenue for the fourth quarter (CY2022) fell about 35% to $1.025 billion (₹8,485 crore).
Musk has repeatedly mentioned that he's not a fan of advertising and is currently working to boost Twitter's subscription revenue to boost its bottom line and be less dependent on ad sales, which account for 90% of Twitter's overall revenue.
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