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Twitter co-founder Dorsey apologizes for rising the corporate ‘too rapidly’ in wake of mass layoffs


Twitter CEO Jack Dorsey addresses college students throughout a city corridor on the Indian Institute of Know-how (IIT) in New Delhi, India, November 12, 2018.

Anushree Fadnavis | Reuters

Twitter co-founder Jack Dorsey apologized Saturday for rising the corporate “too rapidly,” a day after the corporate laid off roughly half of its workers underneath new proprietor Elon Musk.

“Of us at Twitter previous and current are robust and resilient. They may at all times discover a manner irrespective of how troublesome the second,” Dorsey wrote in a tweet. “I understand many are offended with me. I personal the accountability for why everyone seems to be on this scenario: I grew the corporate dimension too rapidly. I apologize for that.”

After Tesla and SpaceX CEO Musk took possession of Twitter on Oct. 28, the social networking large launched into a steep discount in its workforce. Twitter knowledgeable workers Thursday night that it will start shedding workers members, in keeping with communications obtained by CNBC. 

The cuts affected a total of 983 employees in California, its residence state, in keeping with three letters of discover that the corporate despatched to regional authorities, which have been obtained by CNBC.

Musk wrote in a tweet on Friday afternoon, “Relating to Twitter’s discount in power, sadly there is no such thing as a alternative when the corporate is shedding over $4M/day. Everybody exited was provided 3 months of severance, which is 50% greater than legally required.”

Twitter’s discount in power prolonged past California, and CNBC couldn’t instantly verify whether or not Musk’s description is correct. A lack of $4 million per day on the firm would characterize an annual loss round $1.5 billion.

Dorsey co-founded Twitter in 2006 alongside Noah Glass, Biz Stone and Evan Williams. The app’s recognition exploded, and the corporate went public in 2013.

Dorsey stepped down as Twitter’s CEO final 12 months and has since shifted his focus to solely managing his funds firm Block, previously generally known as Sq.. He has been an outspoken advocate of Musk’s takeover, writing in a tweet that “That is the correct path… I consider it with all my coronary heart.”

The corporate’s then-chief expertise officer Parag Agrawal succeeded Dorsey as CEO earlier than leaving as part of Musk’s takeover.

—CNBC’s Lora Kolodny and Jonathan Vanian contributed to this report.





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