Twitter lays off at least 50 in relentless cost cuts- The Information

(Reuters) – Elon Musk’s Twitter Inc (NYSE:) laid off dozens of employees on Saturday in what is at least the eighth round of job cuts since Musk took over the social network in late October, the Information reported.

The job cuts impacted multiple engineering teams, including those supporting advertising technology, the main Twitter app as well as technical infrastructure to keep Twitter’s systems up and running, the report in the U.S. technology focused publication said early on Sunday, citing people with direct knowledge of the matter.

Twitter did not immediately respond to Reuters request for a comment.

In early November, Twitter laid off about 3,700 employees in a cost-cutting measure by Musk, who acquired the company for $44 billion.

The Information reported that the latest job cuts aim to offset a plunge in revenue following Musk’s takeover and further whittle down a staff that had shrunk by at least 70% to roughly 2,000.

Musk in November said that the service was experiencing a “massive drop in revenue” as advertisers pulled spending amid concerns about content moderation.