Twitter announced plans to restructure the company on Tuesday. A filing with the Securities and Exchange Commission reveals plans to cut eight percent of the social network’s workforce. That’s roughly 336 people, who Dorsey says will each receive “generous exit packages and help finding a new job.”
Made some tough but necessary decisions that enable Twitter to move with greater focus and reinvest in our growth. http://t.co/BWd7EiGAF2
— Jack (@jack) October 13, 2015
In a public email to employees, Dorsey notes that the Engineering and Product divisions will see the most cuts, though the company will still employ plenty of engineers. “We feel strongly that Engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce, ” he wrote. “And the rest of the organization will be streamlined in parallel.”
Moving forward, Twitter’s CEO says the company is working to develop a “streamlined roadmap” that combines Twitter, Vine and Periscope into a more focused product. Moments is the first step in this direction, but clearly the social network and its new leader have even bigger plans for the future.