Freaky Friday for Twitter’s current employees continues, as the fresh Chief Twit, Elon Musk, purges the San-Francisco-based social media company’s staff. According to reports from the staff, employees have been cut off from their online workspaces, including Slack and company email.
As of the time of this writing, 3,700 workers had already been fired, but the body count is expected to go up on Saturday, according to employees who received a precautionary email earlier today.
Elon Musk has declared All-Out war on his former staff. At 9am Pacific time, Massive Layoffs go into affect at Twitter. With no formal notice and gut-wrenching efficiency, Musk and his inner circle have eliminated about half of its pre-Elon workforce. 3,700 Twitter jobs gone.— Geraldo Rivera (@GeraldoRivera) November 4, 2022
On top of that, a few other projects have been put on hold, including the Twitter Crypto Wallet. As the wallet was supposed to implement Dogecoin (DOGE), among other popular cryptocurrencies, into the micro blogging ecosystem, the canine meme currency took the biggest hit today, dropping by as much as 10% following the news.
Furthermore, the massive layoffs will be in full swing at 9 AM Pacific time. On Saturday morning, Twitter’s HR will dish out emails to workers notifying them about whether or not they still have a job. If a person gets the email in their personal account, it means they are no longer on the team, while the ones that survive “the Twitter Purge” will get back their access to the workspace as well as a congratulations email.
JUST IN: Elon Musk bars Twitter employees from the company's offices in the run up to layoffs, unless staff are working on one of his 'critical' projects, per BI.— unusual_whales (@unusual_whales) November 4, 2022
It’s a Roller Coaster for Dogecoin (DOGE)
The popular meme currency, Dogecoin (DOGE), has greatly benefited from Musk’s Twitter acquisition, having doubled in price in just two days. However, as the brutal layoff news surfaced, DOGE plummeted double digits, only to recover a couple of hours later.
At press time, the 8th-ranked crypto is priced at $0.123083, according to CoinGecko. This means it’s 5.7% in the red for the last 24 hours, even though the total market cap of DOGE is still twice as much as it was before Twitter “let that sink in.” At the time of publication, the meme currency’s market cap stands at $16,838,182,136.
Currently, one of the biggest challenges for Twitter staff is to write up the new code for Twitter Blue, the verification service that’s supposed to launch as soon as Monday. The deadline for the new program is Saturday, the same day massive layoffs are expected to take place.
On the Flipside
- The changes did not sit well with Californian attorneys, who claim that mass layoffs require prior notification. Indeed, the law requires a 60-day notice prior to such action being taken. Plus, Twitter’s staff had been told to go home early on Friday afternoon, with keycards to buildings disabled until further notice.
Why You Should Care
The first-of-its-kind social media crypto wallet was supposed to significantly accelerate crypto adoption around the globe.
Track the latest developments of the mercurial Elon Musk and his Twitter Takeover: