According to a report on the news site Insider, Twitter is planning to lay off 50 workers from its product division in the coming weeks. The report cited two people at the firm familiar with the development.
Around six weeks back, the company's new boss, Elon Musk, had told staff that there won't be any more reduction in staff. If the social media platform goes ahead with firing more people, its headcount will reduce to under 2,000, according to the report.
Ever since Musk took over Twitter in October for $44 billion, the company seems to be under financial distress. Musk has already said that the firm was facing "a massive drop in revenue" as advertisers dropped out.
Soon after taking over, Musk fired about 50 per cent of the staff as a cost-cutting measure. He also implemented a number of product and organisational changes. The Twitter-verified Blue check-mark was rolled out as a paid service, one of the biggest and most controversial change at the company.
According to a New York Times report, Twitter has stopped paying millions of dollars in rent and services.
The social media giant was evicted from its Seattle office as it failed to pay rent. Janitorial and security services were cut, and in some cases, employees were bringing their own toilet paper to the office.
Musk was recently also sued for failing to pay the rent of a San Francisco property as well. Workers at Twitter's Asia-Pacific headquarters in Singapore were also asked to empty their desks and work remotely due to the same reason.
Twitter's revenue for the fourth quarter fell about 35 per cent to $1.025 billion, a top ad executive revealed at a staff meeting, online publication the Information reported on Wednesday.