Twitter axes jobs after losing buyers

Twitter may soon cut 8% of its workforce, or about 300 people, Bloomberg reported Monday citing people it said were familiar with the matter. A company spokeswoman declined to comment.
Last year, Twitter announced, more or less, the same plan, or to axe 336 employees, about 8%, a week after Jack Dorsey, its co-founder who had been serving as interim chief executive, took over as permanent CEO.

The news comes after the company failed to secure a bid from a potential suitor. Disney, Salesforce and Google were interested in Twitter but later dropped their efforts, some reportedly citing concerns with the site's abuse problem. With a market cap of about $12.76 billion and losses running at about $400 million a year, Twitter was likely judged too expensive by prospective buyers. Twitter's share price is down 40% over the last year. The company had 3,860 employees globally as of June.
The company said in September it would lay off some employees and halt engineering work at one of its development centers in India's technology hub Bengaluru.

The social network has reportedly told potential buyers it wants to wrap up negotiations on a sale by October 27, when it announces its third-quarter earnings.