Tag: TERMINATION

  • After Twitter, Meta reportedly planning ‘large-scale’ layoffs this week

    After Twitter, Meta reportedly planning ‘large-scale’ layoffs this week

    With plans to layoff thousands of employees this week, Facebook parent company Meta will join a growing list of digital companies that are reducing their workforces.

    As of September 30, Meta has over 87,000 people working for it across its various platforms, which include the social media sites Facebook and Instagram as well as the messaging service WhatsApp. According to WSJ, the social media business had reduced its ambitions to hire engineers by at least 30 per cent in June, and Mark Zuckerberg had advised staff to prepare for a slowdown in the economy.

    In his announcement of Meta’s dismal third-quarter results, CEO Mark Zuckerberg stated that the company’s headcount will not rise by the end of 2023 and might even decline significantly.

    “In 2023, we’re going to focus our investments on a small number of high-priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size or even a slightly smaller organization than we are today,” Zuckerberg said on the last earnings call in late October.

    Profits for Meta dropped to $4.4 billion in the third quarter, a 52 percent year-over-year decline. The poor findings had a significant negative impact on Meta’s stock price, which dropped by 25 per cent in one day.

    Over the past year, the company’s market value has decreased to $600 billion.

    In a previous open letter to Mark Zuckerberg, Meta’s shareholder Altimeter Capital Management stated that the company needed to streamline by eliminating positions and capital expenditures. They also stated that investors had lost faith in Meta as a result of its increased spending and pivot to the metaverse.

    Owing to increased interest rates, rising inflation, and a European energy crisis, several technological businesses, including Microsoft Corp., Twitter Inc., and Snap Inc., have reduced workforce in recent months.

  • ‘There is no choice when the company is losing $4 million per day’: Musk justifies cutting half of Twitter’s workforce

    ‘There is no choice when the company is losing $4 million per day’: Musk justifies cutting half of Twitter’s workforce

    On Friday, Twitter laid off half of its 7,500-person workforce as the company’s troubled big restructuring under new owner Elon Musk got under way, only one week after his sensational takeover.

    According to an internal memo seen by AFP, “approximately 50 per cent” of the workforce was affected and would immediately lose access to business computers and email.

    Workers from all over the world who were let go used Twitter to express their anger or disbelief and bid farewell to one of Silicon Valley’s most recognisable enterprises.

    “Woke up to the news that my time working at Twitter has come to an end. I am heartbroken. I am in denial,” said Michele Austin, Twitter’s director of public policy for the US and Canada.

    Prior to the layoffs, Twitter restricted access to all of its locations and asked staff to remain at home while they awaited word on their futures with the firm.

    The cull is a part of Musk’s effort to obtain financing for the massive $44 billion acquisition, for which he sold $15.5 billion worth of Tesla shares and took on billions of dollars in debt.

    After his massive acquisition, Musk, the CEO of Tesla and SpaceX, has been frantically looking for new revenue streams for Twitter, including the notion of charging users $8 per month for verified accounts.

    The actions would help Twitter combat the possibility of losing advertisers, which are the company’s primary source of income, since many of the major businesses in the world postpone their ad purchases after learning of Musk’s well-known contempt for content controls.

    The volatile businessman lamented a “huge loss in revenue” on Twitter on Friday, attributing it to “activist groups” who were pressing advertisers.

    “We did everything we could to appease the activists. Extremely messed up! They’re trying to destroy free speech in America,” he added.

    This seemed to be a reference to Musk’s previous meeting with civil rights organisations, where he heard worries that Twitter will unleash a wave of hate speech a week before the US midterm elections. Musk had promised that Twitter would not turn into a “free-for-all hellscape” in an effort to calm people down, but his assurance was swiftly contradicted by a tweet spreading a rumour that the husband of US House Speaker Nancy Pelosi had been attacked.

    “We are witnessing the real time destruction of one of the world’s most powerful communication systems. Elon Musk is an erratic billionaire who is dangerously unqualified to run this platform,” said Nicole Gill, Executive Director of Accountable Tech.

    She was a member of a group of 60 rights organisations that demanded on Friday that advertising on the Musk-owned platform be boycotted.

    “Elon Musk has demonstrated that it’s not possible for him to keep the brand safeguards that have existed on Twitter in place. There’s no more time for trust but verify, it’s time for escalation,” said Angelo Carusone, President and CEO of Media Matters for America.

    Although very popular with celebrities and opinion leaders, the California-based business has historically struggled to turn a profit and has lagged behind Facebook, Instagram, and TikTok in terms of user growth.

    Since Musk finalised his acquisition late last week and immediately set about dissolving its board and removing its chief executive and key managers, Twitter employees have been preparing for this kind of unpleasant news. Five Twitter employees who had previously been let go filed a class action lawsuit against the business late on Thursday, alleging that they had not received the legally mandated 60-day notice period.

    The US Worker Adjustment and Retraining Notification (WARN) Act, which grants employees the right to early notification in situations involving large layoffs or plant closures, is cited in the lawsuit.

  • PTI terminates Faisal Vawda’s basic membership

    PTI terminates Faisal Vawda’s basic membership

    Chairman of the Pakistan Tehreek-e-Insaf (PTI), Imran Khan, on Saturday announced that the membership of party leader Faisal Vawda stands terminated for failing to respond to the show-cause notice issued to him on October 26.

    PTI confirmed the termination of Vawda’s basic membership from the official party account on Twitter.

    Chairman PTI @ImranKhanPTI has terminated the basic membership of Faisal Vawda from the party. #حقیقی_آزادی_لانگ_مارچ pic.twitter.com/mPFWHFjQOi

    — PTI (@PTIofficial) October 29, 2022

    Earlier in the week, Vawda had made claims that the party’s long march would “witness bloodshed, death, and funerals.” After this, the PTI suspended Vawda and said that he would not be allowed to hold any party office or represent the party in the media as he had “grossly violated discipline by giving statements against party policies and guidelines”.

    Shortly after his hard-hitting presser, a show-cause notice was sent to him on the instructions of Khan, and Vawda’s party membership was suspended.

    The notification, shared by PTI’s Sindh chapter President Ali Zaidi, says, “You have grossly violated discipline by giving statements against party policies and guidelines.”

    “You are not allowed to hold any party office or represent the party in the media,” it added.