Twitter could go bankrupt, Musk warns employees

Yordan, 11 November 2022

Elon Musk, Twitter’s new owner and newly CEO, revealed to employees in a mass call that bankruptcy of the social media should not be ruled out. The announcement comes hours after a mass e-mail, in which Musk warned that the company might not “survive the upcoming economic downturn” if it fails to boost subscription revenue to offset the diminishing income from advertising.

Reuters reports that the disarray in Twitter was also fueled by the exit of key executives, including the Chief Information Security Officer and Yoel Roth, the Head of Trust & Safety.

Twitter could go bankrupt, Musk warns employees

Roth was overseeing Twitter’s response to hate speech, misinformation and spam, and now his Twitter account bio reveals he is a “Former Head” at the company. The Chief Privacy Officer and Chief Compliance Officer also left, according to an internal Slack message. One person that decided to stay at least for now is Robin Wheeler, the company’s top ad executive.

The US Federal Trade Commission is watching Twitter with “deep concern”, after the privacy and compliance executives left the company. These exits put the social media at risk of violating regulatory orders, but Musk’s attorney Alex Spiro revealed the team is having “a constructive ongoing dialogue” on the matter.

Twitter could go bankrupt, Musk warns employees

The reason the FTC is tracking the development at Twitter is that social media already misused personal information, such as phone numbers that were given to advertisers. However, Spiro tried to calm the situation, saying “Elon puts rockets into space, he’s not afraid of the FTC” without clarifying the connection between the two.



Reader comments

  • Anonymous
  • 21 Dec 2022
  • JFk

Whats the idea of purchasing company of 4 billion dollars just to lose that same money. I dont get it? Purchasing any social media platform is a huge mistake. Create one instead.

Elon Musk. Unfortunately he didnt have a plan like he should have when he took ownership of the company. For some users this creates an issue on priorities and how important a user feels they are on a site.

Source? I saw users impersonating others, including those impersonating him, got banned. Not for their opinion, but for impersonating others. He did make a massive mess with the checkmark stuff.

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