Twitter is planning to cut up to eight per cent of its staff which will affect 300 people according to a Bloomberg report citing anonymous sources.
The job losses come as the social media giant continues to struggle growing its audience and its business, and as plans to sell the company have come to light.
Job cuts could be announced this week just before it’s third-quarter earnings report which will be released before the market opens this coming Thursday, Bloomberg has said.
Twitter CEO Jack Dorsey has been put under a lot of pressure, he’s currently working on his mobile payment company Square as well as Twitter. This has raised concerns for some, stating that the entrepreneur is not putting enough time and effort into turning Twitter around.
Dorsey took over last year and has already put the company through some job cuts. He’s been ridiculed for being unable to grow Twitter’s audience and its stayed at a steady 300m users whereas larger companies such as Facebook have continued to attract new users.
Potential buyers for Twitter include Salesforce CEO Marc Benioff but he quickly pulled out after his shareholders protested. Walt Disney and Google’s parent company Alphabet also had a look in but passed on the deal as well.