Two weeks after taking over Twitter, Elon Musk sent a grim warning to the company’s surviving employees. Musk said at an all-hands meeting that Twitter is losing so much money that “bankruptcy is not out of the question,” according to The Information and Platformer.
Twitter hasn’t earned a profit since 2019, and ad income has plummeted since Musk’s takeover as advertisers abandon the network. Musk said at the all-hands meeting that Twitter might have “According to The Information, the company will have a “net negative cash flow of several billion dollars” in 2023. He also said that the success of the revised Twitter Blue membership programme would determine Twitter’s future.
“We’re working hard on subscriptions to keep Twitter alive,” he said.
Twitter is likewise losing key executives who escaped Musk’s layoffs at a quick pace. The corporation’s top information security officer, chief privacy officer, and chief compliance officer all left lately, potentially exposing the company to fresh FTC sanctions. According to Bloomberg, two more high-profile executives, head of trust and safety Yoel Roth and VP of client solutions Robin Wheeler, resigned on Thursday. Just one day previously, the two had joined Musk in a town hall intended to reassure Twitter’s advertisers.
Meanwhile, the new Blue subscription’s rollout has been difficult. Following the introduction — and swift demise — of a distinct “official” checkmark, there has been an increase in fraudsters and pranksters mimicking politicians, celebrities, and companies. Musk allegedly warned workers that catching checkmark fraudsters was a “high priority.”