Twitter To Lay Off 8 Percent

[4Vikram]

Jack Dorsey's first big move as permanent Twitter CEO is an unfortunate one. He is laying off more than 300 employees.

A week back as Twitter's CEO, Jack Dorsey is cracking the whip.

Twitter will let go of up to 336 employees, or about 8 percent of its workforce, as it looks to streamline its operations, the company announced Tuesday.

This is the first major business move by the company sinceDorsey became permanent CEO on October 5. He had been interim chief executive since July and was the company's first CEO eight years ago.

The social network, known for the brevity and speed of the posts by its users, has been wrestling with ways to grow the number of its users and to keep them engaged.

Twitter has 4,100 workers around the world, half of them engineers and the rest spread among administration and marketing. The layoffs will be felt across the company, Dorsey indicated in a filing Tuesday with the US Securities and Exchange Commission.

"We feel strongly that Engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce," Dorsey said. "And the rest of the organization will be streamlined in parallel.

[compose]

[4Vikram]