Tesla and SpaceX CEO Elon Musk's social media platform X, formerly Twitter, is reportedly undergoing another round of layoffs.

What Happened: X is experiencing a fresh wave of layoffs with the engineering department said to be the most affected, reported The Verge on Friday, citing two insider sources and posts on the anonymous workplace forum Blind.

However, the exact number of job cuts is yet to be determined.

The layoffs followed an unusual request made to employees two months prior when staff members were asked to submit a one-page summary detailing their contributions to the company.

It remains uncertain whether these summaries influenced the recent job cuts.

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Why It Matters: After acquiring Twitter for $44 billion in October 2022, Musk controversially fired 85% of the staff. Currently, the value of Musk's rebranded social media platform has been a point of concern.

Fidelity, one of the companies that helped Musk acquire the platform, last month valued the social media network below $10 billion, a significant drop from the price Musk paid for it.

Earlier this year, Musk's other venture, Tesla, also saw significant layoffs. The electric vehicle manufacturer reduced its workforce by at least 14%.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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