Elon Musk warns of Twitter bankruptcy as chaos deepens after key executives quit!
The warning comes amid the exit of the company’s key executives, including the Chief Information Security Officer and Yoel Roth, the Head of Trust & Safety.
- The billionaire on his first mass call with employees said that he could not rule out bankruptcy, two weeks after buying it for $44 billion – a deal that credit experts say has left Twitter’s finances in a precarious position.
Twitter Inc’s new owner Musk addressed the staff on Thursday for the first time in an email, warning that the social media platform needs “intense work” in the office to turn round its fortunes.
He added that he was scrapping its working-from-home policy and demanding staff work 40 hours in the office a week, in a significant shake-up to its working practices.
Musk also warned of a “massive drop in revenue” as major brands such as General Motors, Mondelez and Carlsberg have paused spending on the platform over concerns about his plans to loosen content moderation.
He also faces $1bn in annual interest payments after loading the company with $13bn of debt to help fund his acquisition of the business.
Who at Twitter has left?
As reported Twitter resignations in the last 24 hours:
- Head of Trust and Safety Yoel Roth
- Sales VP Robin Wheeler
- CISO Lea Kissner
- Chief privacy officer Damien Kieran
- Chief compliance officer Marianne Fogarty
Twitter’s chief security officer Lea Kissner has reportedly stepped down with other key privacy or security executives.
I've made the hard decision to leave Twitter. I've had the opportunity to work with amazing people and I'm so proud of the privacy, security, and IT teams and the work we've done.
I'm looking forward to figuring out what's next, starting with my reviews for @USENIXSecurity 😁
— Lea Kissner (@LeaKissner) November 10, 2022
Twitter’s chief privacy officer Damien Kieran also announced that the had left on Thursday, while Twitter’s chief compliance officer also exited.
While some media reports stated that Robin Wheeler, who had taken the helm of Twitter’s ads sales team, also left the company, however, she later tweeted: “I’m still here.”
I'm still here.
— Robin Wheeler (@robinw) November 11, 2022
On the other hand, the US Federal Trade Commission stated that it is watching Twitter with “deep concern” after the privacy and compliance executives left the company.
The exit of key executives has put 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.