Elon Musk's Twitter acquisition leads to ongoing layoffs at company



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Elon Musk's Twitter acquisition leads to ongoing layoffs at company

Elon Musk's ownership of the social media platform, Twitter, has resulted in ongoing layoffs at the company. Bloomberg reports that the latest round of layoffs has targeted workers in charge of trust and security within the division dealing with hate speech.

Since taking over Twitter in October of last year, Musk has already fired around 7,500 employees, and there have been several further waves of layoffs, including at offices in Dublin and Singapore.

Recently filed Lawsuit

According to the Associated Press, Musk is looking to cut costs at Twitter as much as possible, including by falling behind on rent payments for company offices.

In fact, a lawsuit filed last week reveals that Twitter owes $136,260 in unpaid rent for its offices on the 30th floor of a building in downtown San Francisco. Despite these cost-cutting measures, Musk's personal fortune is currently estimated at a whopping $130 billion.

While he has stated that he will step down as CEO once a replacement has been found, he plans to continue leading certain key departments. Elon Musk has made history this year as the first person to lose a staggering $200 billion, according to Bloomberg.

At the end of last year, Musk had a net worth of $340 billion due to Tesla's market capitalization reaching $1 billion. However, Tesla shares have fallen by 65% this year, resulting in a significant drop in Musk's fortune, which then became only $137 billion.

This decline was particularly steep in the weeks following Musk's controversial acquisition of Twitter. In recent years, Twitter has faced criticism for its handling of hate speech and misinformation on its platform. The company has implemented various policies and measures in an attempt to address these issues, including labeling or removing content that violates its policies and providing more context around tweets.

However, the layoffs of trust and safety workers may raise concerns about the company's ability to effectively address these problems moving forward. It is unclear how the company plans to handle these responsibilities with a reduced workforce.