Jack Dorsey Corfirms Layoffs in Tweet — Twitter Layoffs

Earlier this year, former CEO Dick Costolo resigned and was replaced temporarily by Dorsey, a Twitter co-founder and an earlier chief executive. “We launched the first of these experiences last week with Moments”.

Both Vine and Periscope will survive the cull, Dorsey said. “The board of directors of the company approved a restructuring and reduction in force plan of up to 336 employees, constituting approximately 8 percent of the company’s global workforce”. In his letter to employees, Mr. Dorsey said the company’s future plans will entail “a plan to change how we work, and what we need to do that work”. “And the rest of the organisation will be streamlined in parallel”.

Rumors of the layoffs surfaced last week.

Stocks of Twitter, which had 100 workers internationally by June 30, about 4, rose 1.5 percentage to $29.18 in premarket trading. What he’s ultimately doing is creating a more nimble company as he figures out how to make Twitter a profit generating machine, something that’s been a challenge for the company up to this point. According to Dorsey, smaller Product and Engineering teams will result in a faster-paced environment that will ultimately spur more meaningful work.

Dorsey explained that the company’s new roadmap would be tightly based on cutting loose the projects and products that simply don’t perform well enough.

He has retaken the helm that he once held back in 2007 as Twitter goes through a period of struggle in trying to find new users and to restore the investor confidence in the business.

Advertisers have also complained that Twitter’s advertising offerings are less exciting than what Facebook and Google offer, according to The New York Times.

Thank you all for your trust and understanding here. “This isn’t easy. But it is right”, Dorsey wrote to employees.