Underscoring Elon Musk’s ambition to cut expenses and turn around the ailing social media site in the black, Twitter Inc. has closed two of its three India offices and instructed its workers to work from home.
According to the reports, Twitter closed its operations in the financial powerhouse of Mumbai and the political capital of New Delhi after terminating more than 90% of its 200-plus employees in India. The business still maintains a location in Bengaluru, a southern IT hotspot, where it mostly employs engineers.
In a drive to stabilise Twitter’s finances by late 2023, billionaire Chief Executive Officer Musk has sacked employees and closed offices throughout the globe. Even so, India is seen as a significant growth area for American IT behemoths like Meta Platforms Inc. and Google, both of which are placing long-term investments in the fastest-growing internet market in the world. According to Musk’s most recent actions, the market is less important to him right now.
In recent years, Twitter has developed into one of India’s most significant public forums, housing vehement political debate and the 865 million followers of Prime Minister Narendra Modi. Nevertheless, Musk’s firm makes less money here and it also has to deal with stringent content laws and a cutthroat local rivalry, Bloomberg reported.
After Musk’s acquisition of Twitter, there has been a mass departure of employees, many of whom were dismissed, raising questions about Twitter’s ability to continue operating and control content. This week, Musk stated that it may take him till the end of the year to balance the business and ensure its financial soundness.
Following the $44 billion acquisition, Twitter has been sued by several contractors for unpaid services, has not paid millions of dollars in rent for its San Francisco headquarters and London locations, and has auctioned off everything from bird statues to espresso makers to earn money.
Musk has also publicly discussed going bankrupt, citing a “massive drop” in income as a result of sponsors leaving because of uncertainty about Twitter’s capacity to screen out objectionable content. He has also been working recently on increasing revenue for the microblogging site. He has launched a subscription model that requires users to pay $8 per month for verification and other benefits.