Twitter’s new owner Elon Musk has raised the possibility of the social media platform going bankrupt, capping a chaotic day that included a warning from a regulator and departures of senior executives viewed as future leaders. Here’s what you need to know.
The billionaire told Twitter employees on a call that that he could not rule out bankruptcy, Bloomberg News reported, two weeks after buying it for $44 billion – a deal that credit experts say has left Twitter’s finances in a precarious position.
Elon Musk Is Sending Some Very Troubling Messages To His Staff
Two executives – Yoel Roth and Robin Wheeler – who moderated a Twitter Spaces chat with Musk on Wednesday as he tried to assuage advertisers’ concerns, have resigned, one person close to the matter told Reuters. Roth and Wheeler did not immediately respond to requests for comment. Bloomberg and tech site Platformer reported the exits first.
Twitter’s Chief Security Officer Lea Kissner tweeted that she had quit. The Federal Trade Commission said it was watching Twitter with “deep concern” after these three privacy and compliance officers quit. These resignations potentially put Twitter at risk of violating regulatory orders.
In his first meeting with all employees at Twitter this afternoon, Mr Musk warned that the company may lose billions of dollars next year, the Information reported. Twitter did not respond to requests for comment on a potential bankruptcy, the FTC warning, or the departures.
Wheeler was the face of Twitter for advertising after Musk took over. Roth, who was head of safety and integrity at Twitter, has said Twitter had reduced views of harmful content in search results by 95% compared to before Musk’s acquisition.
Musk, who moved to clean house after taking over Twitter for $44 billion on October 27th, has said the company was losing more than $4 million a day, largely because advertisers started fleeing once he took over.
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