Twitter to lay off 25% of workforce in first round of job cuts

Twitter, which was acquired last week by billionaire Elon Musk, plans to let go of a quarter of its workforce as part of what is expected to be a first round of layoffs, the Washington Post reported on Monday, citing a person familiar with the matter.

Celebrity lawyer Alex Spiro, a long-time Musk legal representative, led the conversations about the job cuts, according to the report.

Twitter had over 7,000 employees at the end of 2021, according to a regulatory filing and a quarter of the headcount amounts to nearly 2,000 employees.

Musk denied a New York Times report about laying off Twitter employees at a date earlier than Nov. 1 to avoid stock grants due on the day.

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

Musk fired Twitter Chief Executive Parag Agrawal, Finance Chief Ned Segal and Legal Affairs and Policy Chief Vijaya Gadde on completion of a six-month $44 billion buyout saga of the social media platform on Thursday, sources told Reuters.

TWITTER Technical Analysis: Daily Chart

In the daily charts, TWITTER is trading in an up channel. TWITTER is currently trading above all SMA.

RSI is in over bought zone which indicates mild bearishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 52.07 & the resistance level is at 55.62.

TWITTER will trade in an up channel until there is trend reversal.   

How to Trade TWITTER this Week:

TWITTER will follow the up channel until there is trend reversal. So, remain bullish on TWITTER

TRADE SUGGESTION- BUY AT 54.19, TAKE PROFIT AT 55.62 AND STOP LOSS AT 52.07