Twitter will be laying off a number of its workers as part of an overall restructuring of the social networking company. In a filing with the US Securities and Exchange Commission, it said that it plans to lay off up to 336 team members, or about 8 percent of its total work force.

Twitter stated:

The restructuring is part of an overall plan to organize around the Company's top product priorities and drive efficiencies throughout the Company. The Company intends to reinvest savings in its most important priorities to drive growth.

Twitter says it expects the total amount of its restructuring expenses will be between $5 million to $15 million. The decision comes just eight days after the company named its co-founder Jack Dorsey to be its new CEO.

Source: SEC