Elon Musk, the new owner of microblogging platform, Twitter, has claimed that the company loses $4 million daily due to its large global workforce.
In a bid to justify the mass lay-off exercise which shook the company on Friday, the billionaire said the move was necessary to cut the cost of running the platform.
The Chief Twit, as he dubs himself, wrote in a tweet on Friday, “Regarding Twitter’s reduction in force, unfortunately, there is no choice when the company is losing over $4M/day.â€