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Twitter (TWTR) Stock Higher, Reversing Losses, as CEO Cuts Jobs

NEW YORK (TheStreet) -- Twitter (TWTR - Get Report) shares are changing direction today from yesterday's losses, and are higher by 5.88% to $30.44 after CEO Jack Dorsey notified employees saying that he will cut 336 jobs.

That's about 8% of Twitter's global workforce.

According to the company's SEC filing, Dorsey stated in a letter titled "A More Focused Twitter," that he is restructuring Twitter's workforce, and that the product and engineering teams will benefit from a "smaller" and "nimbler" team, the Wall Street Journal reports.

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As a result, the microblogging site could incur about $10 million to $20 million of cash expenditures, the Los Angeles Times reports.

"We are doing this with the utmost respect for each and every person," Dorsey said. "Twitter will go to great lengths to take care of each individual by providing generous exit packages and help finding a new job."

Jack Dorsey stepped in to become Twitter's permanent CEO earlier this month. Since then, Twitter has launched Moments, which is a new feature that curates news content for users.

Separately, TheStreet Ratings...


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