Jack Dorsey has just announced on Twitter that the company plans to go ahead and streamline the staff numbers at the company so that they can compete with other social media companies in the same space.
Twitter employees 4,100 employees across 35 offices, the company has become somewhat bloated. Plans to expand the company headquarters in San Francisco, California are also set to be scrapped. Jack Dorsey is the returning co-founder of Twitter and has been tasked at turning around the company so that they can compete with others.
Twitter has struggled over the past number of months, stock has dropped from the high of $69 in January to between $25 and $30 at the start of August 2015. In the same time, Facebook, WhatsApp, Snapchat and Instagram have continued to rise in popularity.
Jack posted the email on his Twitter which he sent to all employees this morning. He says that the engineering team will be reduced and he feels that the engineering team will move faster with a smaller and nimbler team. The rest of the workforce will be streamlined in parallel.
He also goes on to say how thankful he is of the people who have worked on Twitter and that they will be offered generous exit packages as well as assistance with finding new jobs. You can read the entire email below.
http://www.sec.gov/Archives/edgar/data/1418091/000156459015008360/twtr-ex991_6.htm
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