Twitter developer Jack Dorsey will be laying off up to 4,000 employees this month, according to a report from The Wall Street Journal.
The announcement comes as the company’s stock price has plummeted nearly 50% since Dorsey took over as CEO.
The company is facing a series of tough challenges from investors and analysts, with its stock price down more than half since June, according the report.
The WSJ reports that Dorsey has been meeting with the company to discuss what his plans for growth look like.
“We’re going to be laying a lot of people off in this quarter,” he told investors in June, “We’ve got to start building something, but it’s going to take a lot more than that.”
The company recently reported that its gross margins dropped by over 80% during the quarter.
Dorsey recently stepped down from his role as CEO after only one year on the job.