Biden says Twitter "spews lies" as company undergoes massive layoffs

President Biden said Friday that Elon Musk has purchased a social media company that "spews lies" around the globe.

The big picture: Twitter laid off as many as 3,700 people Friday — about half of its staff — but said the cuts were smaller for the team in charge of preventing the spread of misinformation, per Reuters.

• Meanwhile, advertisers cut their spending as advocacy groups turned up the pressure to boycott Twitter in the wake of the layoffs and increasing hate speech.

What they're saying: "Now what are we all worried about? Elon Musk goes out and buys an outfit that sends and spews lies all across the world," Biden said at a Chicago fundraiser Friday.

•  "There's no editors anymore," he added. "How do we expect kids to be able to understand what is at stake?"

Separately, when asked about the layoffs Friday, White House Press Secretary Karine Jean-Pierre said the President has been outspoken about "the importance of social media platforms continuing to take steps to reduce hate speech and misinformation."

• "That belief extends to Twitter, it extends to Facebook and any other social media platforms where users can spread misinformation," she said.

Meanwhile, Twitter co-founder Jack Dorsey apologized Saturday for growing Twitter "too quickly."

• "I realize many are angry with me," he tweeted. "I own the responsibility for why everyone is in this situation: I grew the company size too quickly. I apologize for that."

• "I am grateful for, and love, everyone who has ever worked on Twitter. I don't expect that to be mutual in this moment...or ever…and I understand."

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