Elon Musk's Twitter Inc. conducted another round of job cuts on Saturday, resulting in the layoffs of at least 50 employees, according to The Information. This is reportedly the eighth time the social media company has undergone such a process since Musk assumed control in late October.

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The layoffs impacted multiple engineering teams, including those responsible for advertising technology, the main Twitter app, and technical infrastructure to keep Twitter's systems operational.

The report cites individuals with direct knowledge of the matter. Twitter has not commented on the development yet.

The job cuts were reportedly implemented to counter a decline in revenue since Musk's takeover and to further reduce a staff that had already shrunk by at least 70 percent to around 2,000.

In November, Musk had laid off approximately 3,700 employees as part of a cost-cutting measure after acquiring the company for $44 billion.

Musk had previously acknowledged that the service was experiencing a "massive drop in revenue" due to advertisers pulling back spending amid concerns over content moderation.

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