According to the publication, the company is set to miss a debt payment in February, and creditors are prepared to take control of the company if a deal is reached.
At the close of the market on Friday, the company’s shares sank to 18 cents on the dollar in response to the news.
While some traditional stores, such as Dollar Tree and Dollar General, have thrived in the aftermath of the COVID-19 pandemic, others, such as Party City, Bed Bath and Beyond, and Things Remembered, have faltered.
Following lower-than-expected sales, Bed Bath & Beyond, which is $1.2 billion in debt, claimed it is experiencing a financial crunch and is considering bankruptcy, according to CNBC.
Workers on teams handling policy on misinformation, global appeals and state media on the platform were also eliminated, the report added.
Twitter’s vice president of trust and safety, Ella Irwin, confirmed to Reuters that Twitter made some cuts in the trust and safety team on Friday night but did not give details. “We have thousands of people within Trust and Safety who work content moderation and have not made cuts to the teams that do that work daily,” she said via email. Some of the cuts, she added, were in areas that lacked sufficient volume going forward or where it made sense to consolidate.
Twitter laid off roughly 3,700 employees in early November in a cost-cutting measure by Musk, and hundreds more subsequently resigned.
The company was also was hit with a lawsuit last month that claimed the social media company disproportionately targeted female employees in layoffs.
