Looming staff cuts create tense atmosphere around Twitter HQ
SAN FRANCISCO -- With Elon Musk reportedly preparing to slash about half of the staff at Twitter on Friday, uncertainty is looming over the social media company's headquarters on Market Street.
The official news of the massive layoffs for Twitter employees is expected to be confirmed Friday.
The Market food hall is one of graduate student Kendall Blake's favorite lunch spots. It's also just steps away from Twitter headquarters.
"I'd say I come here about once a week," said Blake. "It's strange to think that Elon Musk is just a few stories above us right now!"
Elon Musk is set to cut about 3,700 jobs at Twitter, representing about half of the company's staff, according to Bloomberg News.
San Francisco Mayor London Breed referred to the impending layoffs in a tweet Thursday afternoon, noting that "the City and County of San Francisco is hiring" to fill over 4,500 open positions.
With talk of layoffs right now, including at companies like Twitter, a reminder that the City and County of San Francisco is hiring. With over 4,500 vacancies, we are ready to help sign people up.
— London Breed (@LondonBreed) November 3, 2022
For those interested in learning more, sign up here: https://t.co/MRI1G5p7dn
The rumored layoffs at Twitter were a major topic of conversation for Blake and many lunch-goers.
"It's not cheap to live here in San Francisco. So how is this going to affect that many people who live here?" asked Blake. "Will they need to move? WilI they need to relocate? Finding a new job is not easy right now, so it's definitely scary to imagine the stress that people at Twitter must be feeling right now."
Musk overpaid for Twitter by about $20 billion, according to Wedbush analyst Dan Ives, who told CBS MoneyWatch that he believed that would force the billionaire to cut between 30% to 50% of the company's employees.
CSU East Bay professor Nolan Higdon teaches History and Communications. He said he's not surprised by the expected layoffs.
He said it shows how the tech industry is not immune to the downturn in the economy.
"Silicon Valley did a really slick campaign, making it seem like it was an industry that cared about its workers," said Higdon. "It would give you nice coffee or a ping pong table or stock options for working there but now when push comes to shove, I bet a lot of workers wish they had the power of previous generations to push back against these layoffs or push back against their employer forcing them to come back into the physical work space versus working remote as it's rumored to be happening at Twitter right now."
With these massive layoffs looming, Blake said she's definitely worried for Twitter employees and the social media platform she and her friends use everyday.
"So many of my friends really rely on Twitter for news, and it's frightening to wonder about the future of Twitter," said Blake.