Twitter Co-Founder and CEO, Jack Dorsey Takes Responsibility For Mass Layoff

Amid the massive layoff in Twitter under the leadership of the new owner, Elon Musk, former CEO and Co-Founder, Jack Dorsey has taken responsibility for the drastic cut in the company’s workforce which affected about 3,700 staff. Jack noted in a tweet stating he grew the company too quickly. 

It would be recalled that the world’s richest man, Elon Musk acquired the social media platform in a deal worth $44 billion. The deal which was completed in late October 2022 however came with a series of dramas. 

While Musk stated that Twitter is losing $4 million daily due to a large workforce, he said he would cut down the company’s costs by laying off less significant staff. 

In a series of tweets after some of the affected staff had slammed the company for sacking them with little notice, Jack stated he realised many are angry with him and he “owns the responsibility for why everyone is in this situation. I grew the company size too quickly. I apologize for that”. 

The former CEO who is now on the verge of launching another social media platform named ‘Bluesky’ went further to acknowledge the tenacity and ability of the affected staff to bounce back quickly. 

“Folks at Twitter past and present are strong and resilient. They will always find a way no matter how difficult the moment,” he noted. 

Meanwhile, Elon Musk who is also the CEO of Tesla has effected the changes in Twitter’s monthly subscription for verified accounts. The new pricing and all the features attached to it were released on Saturday. The company however later confirmed it is still working and testing it in real-time. 

Investors King understands that the monthly subscription for a verified account was originally $4.99. In a bid to increase revenue, Elon Musk raised the subscription to $8. 

According to a report published by Bloomberg, about 300,000 Twitter accounts are verified with the company’s blue checkmark.