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Elon Musk, the world’s richest man and the new owner of one of the popular social networking site Twitter, claimed that he had no way but to lay off staff to minimize costs. He also told that Twitter is losing 4 million dollars every day. It has been reported that around fifty percent of workers around the world will be laid off. Musk said, “those who are losing their jobs will receive three months’ salary as compensation”.

He has also declared not only laying offs, but a monthly fee for Twitter’s ‘Blue-Tick’ or verification mark. Twitter users will have to pay $8 per month for Blue-Tick from now on. He has already directed staff to find some ways to save more than one billion dollar a year in infrastructure costs.

The mass layoffs declaration come just less than a week after Elon Musk, bought Twitter for $44 billion. Twitter had 7,500 employees before the layoffs.

He claimed, this steps are taken to raise the extra cost he had to spent to buy Twitter.

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