Co-founder and former Chief Executive Officer of Twitter Jack Dorsey on Saturday apologised for growing the social media company “too quickly” after its new owner Elon Musk began reducing its workforce by an estimated 50%.
Musk has defended the layoffs, saying employees who have
been fired are receiving three months of severance as the company reportedly
loses $4 million a day. The cuts, which began on Friday, have impacted roughly
half of Twitter’s workforce, or about 3,700 jobs, according to reports.
I am grateful for, and love, everyone who has ever worked on Twitter. I don't expect that to be mutual in this moment...or ever…and I understand. 💙
— jack (@jack) November 5, 2022
Dorsey had quit as the chief executive officer of Twitter in
November 2021 and left the board of directors in May. He had also supported
Musk’s acquisition of Twitter, when the Tesla founder had first proposed to buy
the social media company on April 26.
“Folks at Twitter past and present are strong and
resilient,” Dorsey said in a series of tweets on Saturday. “They will always
find a way no matter how difficult the moment. I realise many are angry with
me. I own the responsibility for why everyone is in this situation: I grew the
company size too quickly. I apologise for that.”
Musk took control of Twitter on October 28 after completing
a $44 billion deal to buy the social media network.
In one of his first decisions at the helm of the social
media giant, he fired three top executives, including Chief Executive Officer
Parag Agrawal, Chief Financial Officer Ned Segal and Legal Affairs and Policy
Chief Vijaya Gadde.
Advertisers wary of Musk’s moves are pausing their spending
on Twitter, which is under new pressure to grow revenue.
Twitter launches monthly subscription for blue tick
In response, Musk had on November 1 announced the move of
making users pay for a blue tick beside their account name indicating that
their profile is verified.
The sought-after blue tick was previously only available to
accounts that are prone to be impersonated such as of celebrities, politicians
and journalists.
On Saturday, Twitter updated its app in Apple’s App Store to
begin charging $8, or about Rs 662, a month, for the service, reported Reuters.
This is Musk’s first major revision of the social media platform since he
acquired the company.
Many have raised concerns that the social platform could
become lawless if content moderation and verification are chipped away.
According to Twitter, the plan to allow users to buy
blue-tick verified status will be available in the United States, Canada,
Australia, New Zealand and the United Kingdom.
“As soon as we confirm it’s working well in the initial set of countries and we have the translation work done, it will roll out worldwide,” the billionaire said on Twitter.
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