Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The American multinational, Twitter, has announced it will undertake a global resutructuring which will impact 3800 employees globally. The announcement follows the acquistion of Twitter, headlined by Elon Musk alongside a portfolio of investors. As CEO, Elon Musk has announced the restructuring will also involve the closure of offices in Japan, New Zealand, South Korea, Spain, Germany, and Holland. It is currently unclear whether these offices are part of the job cuts, however, employees in America, Ireland and Spain have been notified of the job reductions for their office. In Spain 26 employees were notified by mail. In Ireland 140 jobs will be cut.
Significant cut were made in the team managing communications with journalists and other organizations, in the trust and safety teams that manages content moderation, and the sales and advertising departments. Other teams have been completely closed, those include the company’s human rights as well as the machine learning and algorithmic ethics team. The firings have already prompted legal action in the US.
The restructuring event in Ireland has been recorded in the ERM Events database, with 140 job cuts in the Dublin office (Twitter-Ireland-2022).
Eurofound (2022), Twitter, Internal restructuring in World, factsheet number 107694, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/107694.