Twitter bankrupt?: Elon Musk does not rule out this option

Tycoon Elon Musk, sole owner of Twitter, told the platform’s employees on Thursday that the company’s bankruptcy cannot be ruled out, according to the Bloomberg agency and other economic media today.

(Where are Twitter users fleeing to? Meet Mastodon.)

“Declaration of bankruptcy cannot be ruled out”he said in a face-to-face meeting with the staff of the headquarters in San Francisco, to whom he reminded them that teleworking has ended and that they must return to the offices, under penalty of being fired.

In this environment of uncertainty, several company directors continue to leave their posts, including Yoel Roth – who in the last week was listed as Rising star of Twitter and frequently quoted by Musk himself in his tweets – and Robin Wheeler, according to the same agency, which cites sources who requested anonymity.

Roth and Wheeler had accompanied Musk in his first steps on Twitter as a sole proprietor and had helped him, through tweets that Musk later retweeted, to outline a new content moderation policy that was intended to reassure users, but above all everything to advertisers, the main source of income for the Little Bird Network.

(Twitter co-founder apologizes for Musk-ordered layoffs.)

These two names are added to the departures of other executives known hours before: Lea Kissner, Damien Kieran and Marianne Foggerty, who passed for being the heads of the security units for users and who allegedly left the company in the last few hours ( only Kissner has acknowledged it on his own online account).

The New York Post does not hesitate to describe what happened as “abandonments of a sinking ship”. Musk, who last Friday said that the company was losing four million dollars a day and today admitted that he sold 19.5 million shares (for almost 4,000 million dollars) of his electric car company Tesla to “save” Twitter no longer seems so sure of being able to achieve it.

If this Wednesday he sent a message to all employees acknowledging that “The economic picture is alarming”told them that the company urgently needed to convince users to pay the $8 required for verified accounts, a highly controversial idea that generated controversy on the network itself.

(Twitter loses $4 million a day, says Elon Musk.)

Advertisers, for their part, have not been clear about Musk’s plans and there have been several – including General Motors or Volkswagen – who have prudently withdrawn their advertising from the network until they have an idea of ​​the future of the platform.

The Federal Trade Commission spoke out today, through a spokesman, and said they were closely monitoring “with deep concern” recent developments on Twitter reminded Musk that “no CEO is above the law” and that they have enough tools “to ensure compliance” of the regulations.


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Twitter bankrupt?: Elon Musk does not rule out this option