Recently, Social Media giant Twitter announced they will lay off 8% of their workforce. The company is headquartered in San Francisco, California and was founded in 2006. They are recognized at a top source of trending news, but have been struggling over the past few years. Twitter has never generated a profit, either.
Jack Dorsey was recently named the permanent CEO on October 5th, 2015. Only eight days later Twitter announced that 336 of their 4,100 employees will be laid off. The company will pay between $10 and $20 million in severance packages for the layoffs.
The layoffs are part of a new plan to restructure the company and move towards generating a profit. Employees were notified by email, which was sent out by Mr. Dorsey.