Twitter lays off 336 staff

Twitter has announced that it is cutting 336 jobs, roughly 8% of its global workforce, as part of a restructuring of the business, BBC reports.

The job cuts will cost between $10m (£6.5m) and $20m in severance pay, while the restructuring will cost between $5m and $15m.

This move by one of the fastest-growing social networks on the planet saw its shares rise by 2% in pre-market, trading just as the announcement was made.

The move comes just days after co-founder Jack Dorsey was confirmed as Twitter’s permanent chief executive, having served as interim boss of the company for three months after Dick Costolo stepped down on July 1.

Costolo, who was chief executive from 2010 to this year, had been under pressure from investors who were unhappy with the firm’s user growth.

“We have made an extremely tough decision – we plan to part ways with up to 336 people from across the company,” Dorsey said in a letter to employees.

“We are doing this with the utmost respect for each and every person. Twitter will go to great lengths to take care of each individual in providing generous exit packages and help finding a new job.”

“Emails like this are usually riddled with corporate speak so I’m going to give it to you straight, working around the clock to produce streamlined roadmap for Twitter, Vine and Periscope.”