Twitter continues to cut costs and lay off at least 50 people

CTOnews.com, Feb. 26 (Xinhua)-- Twitter, owned by Elon Musk, laid off at least 50 more employees on Saturday, at least the eighth round of layoffs since Musk took over the social networking platform at the end of October, The Information reported. The aim of the layoffs is to cut costs and offset the collapse in revenues after Mr Musk took over.

Twitter's latest layoffs have affected a number of engineering teams, including supporting advertising technology, major Twitter applications and the technical infrastructure to keep Twitter running, according to people familiar with the matter.

CTOnews.com notes that since Mr Musk took over Twitter, the company has laid off at least 70 per cent of its employees and now has about 2000.

Twitter revenues have fallen sharply since Mr Musk bought the company in October. Earlier this year, Twitter restructured its sales team in an effort to boost revenue.