Twitter not done with layoffs; company planning to fire more employees in coming weeks

Twitter may have turned extremely lean in terms of employee headcount but it is still not done with layoffs. A new report now suggests that the social media company is planning to lay off 50 workers from the product division. 

According to the report by Insider, there's no specific timeline attached to the layoffs but they could be executed within the next few weeks. 

The information about the next round of layoffs comes a couple of months after Elon Musk fired a majority of the employees from the social media company. He had also promised that there would be no further layoffs at the company. However, the company is stretched thin due to falling profits as well as a hefty debt. 

Elon Musk is scheduled to make the first interest payment for the $13 billion he borrowed to acquire Twitter. The payment is due at the end of January. Furthermore, a reporter from Platformer revealed that Twitter's revenue has dropped 40 per cent year over year. 

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Twitter is trying to make a switch from an ad-based revenue stream to a subscription-based system. The company announced an $8 monthly subscription for Twitter Blue which can also be purchased at $84. However, the subscription is yet to be introduced in India. 

Twitter is also trying other avenues to counter the drop in profit. The company is auctioning its furniture at the San Francisco headquarters. This list of products includes conventional furniture like chairs and desks but also some unique sculptures.

Also read: Twitter Blue new annual subscription plan can save you a lot of money; details here

The list of items includes some fancy coffee machines selling for $11,000 (Rs 9 lakh). there's some quirky furniture like leather lounge chairs, rocking chairs and more. A 4 feet wide Twitter Bird Statue is also on sale and the current bid stands at a whopping $20,500 or Rs 16.67 lakh. Another neon Twitter bird sign is sitting on a bid of $22,500 (Rs 18.30 lakh).