According to a news reports, Elon Musk’s X company, has undertaken a workforce reduction, resulting in layoffs of certain employees. There has been a delay in the performance review process within the organization.
During a recent all-hands meeting, X’s CEO, Linda Yaccarino, did not extensively address the company’s business performance. These measures have been implemented as part of X’s ongoing efforts to streamline operations and optimize efficiency.
In the wake of Elon Musk assuming control of Twitter, now rebranded as X, the company has experienced multiple rounds of layoffs. The platform has undergone significant transformations, deviating from its previous state. Approximately a year ago, Linda Yaccarino took on the role of CEO at X, commencing her tenure on June 5. Since then, Yaccarino has consistently made headlines.
According to a report from The Verge, Yaccarino encouraged employees to promote Musk’s latest venture, x.AI, during a recent all-hands meeting. However, she did not delve extensively into X’s advertising business performance. The report further revealed that a number of employees at X were recently laid off, while the performance review process was also subjected to delays.
The Verge report highlighted that employees expressed concerns and sought clarity regarding the company’s performance reviews during the aforementioned meeting. The promotions process at X, as outlined in the report, has been postponed without any explanation provided.
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Insiders indicate that X’s sales team is unlikely to meet its revenue targets for the quarter. Furthermore, a source within X disclosed that the company recently let go of a “handful” of employees.
Sources have reported to The Verge that Steve Davis, CEO of The Boring Company and a close associate of Elon Musk, has been reviewing the finances at X’s San Francisco headquarters for several weeks. This development has caused anxiety among the staff.
As a result, employees at X sought greater clarity regarding the company’s performance review process and business performance during an all-hands meeting led by X’s CEO. However, according to The Verge, employees felt that these topics were not adequately addressed during the meeting.
The report also revealed that Walter Gilbert, head of HR at X, announced plans for a more comprehensive promotions process, including regular check-ins throughout the year. Despite this, many employees left the meeting with unanswered questions regarding HR, promotions, and compensation. Additionally, while Musk and Yaccarino were both reportedly in San Francisco, Musk was absent from the meeting.
Another report by The New York Times revealed that even though Yaccarino talked about X’s advertising business, she did not share an “updates sales figures“.
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Yaccarino reportedly told employees that X saw 65 percent of advertisers returning to the platform. However, sources told The New York Times that the return of advertisers doesn’t necessarily mean a revenue increase.
“Hundreds of client meetings will happen, and many moments will take place where we get to showcase X. Our customers are cheering us on, and they’re excited and in awe of all the progress that we’re making,” Yaccarino said as per the New York Times report.
