Twitter just laid off 8% of its workforce, or 336 people, this morning.
While layoffs are awful for the people affected, it’s worth keeping in perspective how fast Twitter has grown in the last few years. The number of people laid off today is almost as big as the entire company in January 2011 – a mere four years and 10 months ago.
In an email to employees, new CEO Jack Dorsey explained that most of the cuts would be in product and engineering: “We feel strongly that Engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce. And the rest of the organization will be streamlined in parallel.”