What’s going on at Twitter? Layoffs, Twitter down, DOGE down…

After buying Twitter for $44 billion, Elon Musk is working to make the company profitable by cutting its workforce. An email was sent yesterday to the entire company to start the layoff process as early as Friday, with half of its workforce, or 3,700 employees, being fired.

As a result, Twitter is down for most users, the price of Dogecoin has dropped more than 7% in the last 24 hours, and Twitter is facing a class-action lawsuit for mass layoffs.

Twitter collapses amid Elon Musk’s plans

A company-wide email was sent Thursday informing employees of its global workforce reduction on Friday. Each employee will receive an email with the subject line “Your role at Twitter“.

If the job is not “notIf the job is “affected,” employees will receive a notification through the official Twitter email. If the job is affected, however, employees will receive a notification with next steps in their personal email. Twitter’s offices will remain closed on Friday during the termination process.

Meanwhile, users are experiencing difficulties accessing Twitter, with many reporting that the social media is “down” due to the layoffs. While some employees are desperate to be let go and receive severance pay, others don’t seem to agree with Elon Musk and may file lawsuits.

One class action suit has already been filed, with attorney Shannon Liss-Riordan representing the plaintiff. The case, Cornet v. Twitter Inc. was filed Thursday in the U.S. District Court for the Northern District of California. The lawsuit charges that Twitter violated the Worker Adjustment and Retraining Notification Act (WARN).

Under California’s Worker Adjustment Retraining Notice Act (WARN), employers are legally obligated to notify affected employees AND state and local representatives 60 days before a mass layoff. https://t.co/DEZujqrghb

– California Labor Federation (@CaliforniaLabor) November 4, 2022

According to a tweet from the California Federation of Laboremployers are legally required to notify affected employees and local and state officials 60 days before a mass layoff under the WARN Act.

Meanwhile, the U.S. Treasury’s CFIUS is also investigating whether it has the authority to investigate Elon Musk’s $44 billion acquisition of Twitter.

The price of dogecoin (DOGE) continues to fall

The dogecoin has surged more than 100% in a week after Elon Musk took control of Twitter as interim CEO. However, the price of DOGE continues to fall in recent days.

At the time of this writing, the price of DOGE is trading at $0.12, down more than 7% in the past 24 hours. In addition, Dogecoin’s 100%+ gains are now down to 55%. Meanwhile, the MASK token, speculated to be among the supported tokens on Twitter, is down 20%.