Twitter co-founder Jack Dorsey speaks out after mass layoffs
Twitter CEO Jack Dorsey addresses students during a town hall at the Indian Institute of Technology (IIT) in New Delhi, India, November 12, 2018.
Anushree Fadnavis | Reuters
Twitter co-founder Jack Dorsey apologized Saturday for growing the company “too quickly,” a day after the company laid off approximately half of its employees under new owner Elon Musk.
“Folks at Twitter past and present are strong and resilient. They will always find a way no matter how difficult the moment,” Dorsey wrote in a tweet. “I realize many are angry with me. I own the responsibility for why everyone is in this situation: I grew the company size too quickly. I apologize for that.”
After Tesla and SpaceX CEO Musk took ownership of Twitter on Oct. 28, the social networking giant embarked on a steep reduction in its workforce. Twitter informed employees Thursday evening that it would begin laying off staff members, according to communications obtained by CNBC.
The cuts affected a total of 983 employees in California, its home state, according to three letters of notice that the company sent to regional authorities, which were obtained by CNBC.
Musk wrote in a tweet on Friday afternoon, “Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day. Everyone exited was offered 3 months of severance, which is 50% more than legally required.”
Twitter’s reduction in force extended beyond California, and CNBC could not immediately confirm whether Musk’s description is accurate. A loss of $4 million per day at the company would represent an annual loss around $1.5 billion.
—CNBC’s Lora Kolodny contributed to this report.