The Vancouver-based social media business did not say what triggered the job cuts, but tech companies as large as Shopify, Netflix and Clearco have conducted similar layoffs in recent weeks as investor interest in tech stocks has faded.
A protracted legal battle could also potentially drag down the company's stock, giving Musk more leverage to renegotiate Twitter's sale price. The news comes less than a week after the microblogging site sued Tesla CEO in Delaware, accusing the mogul of agreeing to buy the site then attempting to "trash the company, disrupt its operations, destroy stockholder value, and walk away".
On Thursday, Twitter told the press that it was blocking over a million spam accounts per day, and in May, its CEO wrote a long thread about how it determines how many of its users are bots.
In a fresh SEC filing, Twitter shared a letter it received from Musk's legal team indicating displeasure with the company's offered information regarding the level of "spam and fake accounts" on its service, reports TechCrunch.
As per the Bloomberg Billionaires Index, Musk's net worth stands at $193 billion, as of May 25. This means that Musk had seen $77.6 billion of his wealth sheared off since the start of the year.
