Twitter is, once again, shaking things up. The social media platform is in the process of laying off up to 336 employees worldwide, according to NBC. That number accounts for nearly eight percent of the company's team.
The move will cost the company a pretty penny — between $10 and $20 million in severance pay. This doesn't even include the cost of restructuring, which will be anywhere from $5 to $15 million, according to the BBC.
Stocks were up six percent after the announcement was made, according to Forbes. It's a sign that shareholders are happy to see where the future of Twitter will take them, and it's also a sign that they're happy with newly appointed CEO Jack Dorsey.
The new CEO took to Twitter to address the firings, tweeting out the letter he sent to employees, according to NBC. In it, he articulated the reasoning behind the decision and apologized to those affected.
"We feel strongly that Engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce. And the rest of the organization will be streamlined in parallel.... Twitter will go to great lengths to take care of each individual by providing generous exit packages and help finding a new job," said Dorsey.
