Twitter has laid off 336 employees in efforts to put the company "on a stronger path to grow," according to a statement from Twitter CEO Jack Dorsey. This amounts to eight percent of their 4,100 employees across their 30 global offices.
Cutting eight percent of their staff will help the social media giant save money since the workers were compensated so well. Unfortunately, it will also cost Twitter between $10 million and $20 million in severance costs.
"We feel strongly that Engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce," Dorsey wrote in the letter to all employees. "And the rest of the organization will be streamlined in parallel."
Dorsey took over as the permanent CEO last week.