Twitter closed two of its three offices situated in India and further instructed employees to work from home, highlighting Elon Musk’s goal of cutting costs and turning the struggling social media service profitable.
A Quick Overview
According to people familiar with the situation, Twitter closed offices in New Delhi and Mumbai after firing more than 90% of its roughly 200-plus employees in India late last year.
Elon Musk, Twitter’s billionaire CEO, has laid off workers and closed offices worldwide to achieve financial stability by late 2023.
Nonetheless, India is an important growth market for US tech behemoths such as Meta Platforms Inc. On the other hand, Alphabet Inc.’s Google to make long-term bets on the world’s fastest-growing internet arena. Musk’s recent moves suggest making long-term bets on the world’s fastest-growing internet market. He is focusing less on the market for the time being.
Mass migration of employees, many dismissed after Musk’s acquisition, raised concerns about Twitter’s ability to continue operations and regulate content, according to Musk’s recent moves. Musk mentioned he may need until the end of the year to stabilize and secure the company’s financial health.
Twitter has failed to do that since the $44 billion buyout; the company has paid millions in rent for its San Francisco and London offices.
Final Note
Musk has also openly spoken about the possibility of going bankrupt, with a massive drop in revenue. The platform has also been found with significant glitches, the most recent of which occurred earlier this month.
