Twitter is saving at least 50% in relentless cost cuts, The Information reports

Feb 26 (Reuters) – Elon Musk’s Twitter Inc reportedly laid off dozens of employees on Saturday in at least the eighth round of job cuts since Musk took control of the social network in late October.

The job cuts affected multiple engineering teams, including those supporting ad technology, the main Twitter application, as well as the technical infrastructure to keep Twitter’s systems running, and a report In the US tech-focused post, he said early on Sunday, citing people with first-hand knowledge of the subject.

Twitter did not immediately respond to a Reuters request for comment.

In early November, Twitter laid off about 3,700 employees in a cost-cutting measure by Musk, who acquired the company for $44 billion.

The Information said the latest job cuts are meant to offset the drop in revenue after Musk’s takeover of the company and cut the number of employees, which shrank by at least 70% to nearly 2,000.

Musk said in November that the service was seeing a “massive drop in revenue” as advertisers pulled spending amid concerns about content moderation.