TECH: Twitter sheds over 300 jobs
Social networking company, Twitter has announced drastic changes this week.
This week, Twitter announced it would cut 8% of its work force.
Equating to approximately 336 employees, it was announced by internal email, tech site MemeBurn reported, the company was undergoing a major restructure.
Twitter CEO, Jack Dorsey said the retrenchment was part of streamlining its workforce.
“We feel strongly that Engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our work force.”
Calling the decision extremely tough, Dorsey said the job cuts would be handled with the ‘utmost respect for each and every person’.
In addition, the company has promised generous exit packages and help finding new jobs.
“This isn’t easy. But it is right. The world needs a strong Twitter, and this is another step to get there.”
News of the job cuts forced shares in the company to initially drop, and international market analysts are monitoring the situation closely.
