The downturn and savage cull across the industry has some questioning the viability of Twitter
The news came after the announcement the week before by Mark Zuckerberg’s Meta — the parent company of Facebook, Instagram, and WhatsApp — that it would lay off 11,000 workers. And the week before that, Elon Musk, the new owner of social media company Twitter, announced he would be cutting half the jobs from its workforce of 7,500.
The moves come in the wake of stock exchange declines for the tech giants. Meta has lost more than 40% of its value in the past six months, Amazon lost 12.5%, and Microsoft lost 4.49%. Twitter was delisted from the stock exchange and became a private company following Musk’s acquisition, but its stock had been going up in the weeks leading up to October 27, the last day it was traded on the market.
The downturn and savage cull across the industry has some questioning the viability of Twitter in particular and the health of the tech titans in general.
Moran Chamsi, managing partner at private equity fund Amplefields Investments, which specializes in late-stage tech companies, says that if Musk’s move didn’t inspire the large layoffs made by Amazon and Meta, it certainly gave them cover.
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