Twitter is laying off 8% of its global workforce
The layoffs come just about a week after Twitter cofounder Jack Dorsey was appointed permanent CEO promising big changes for the company.
Dorsey has been vocal about the need to shake things up at the company, as user growth and engagement has stalled and the company's stock has been battered.
During Twitter's second quarter conference call in June, Dorsey called the performance "unacceptable," and said he would "ensure more disciplined execution," among other things.
Twitter will incur $10 million to $20 million of cash expenditures, which will be severance costs. Its restructuring expenses are estimated at $5 million to $15 million, according to the filing.
Here's the letter Dorsey sent to his staff regarding the layoffs:
Developing...