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Musk warns of Twitter bankruptcy as more senior executives quit

11.11.2022 08:30 AM
Musk warns of Twitter bankruptcy as more senior executives quit
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Musk warns of Twitter bankruptcy as more senior executives quit

The new CEO of Twitter, Elon Musk, warned the company's employees, in the first speech since the $44 billion purchase, of the "risk of bankruptcy" if he is unable to achieve greater financial returns for the company, amid a wave of resignations from senior employees.

And “Bloomberg” quoted a person familiar with the conversations as saying that Musk issued warnings to employees about the company’s situation, and called on them to prepare to work 80 hours a week, and also canceled many office privileges, such as free eating, and prevented remote work. "If you don't want to come in, your resignation is acceptable," Musk told the staff.

The warnings came amid a turbulent start for Musk at the helm of the company. Within two weeks of his leadership, he fired half of Twitter's employees and fired most of its top CEOs.

"Bloomberg" quoted people familiar with the matter as saying that two of the top executives, who remained in Musk's new leadership team, decided to resign.

It's chief information security officer Yoel Roth, as well as Robin Wheeler who is temporarily managing ads, but Wheeler later tweeted that she was "still here."

Twitter's director of information security, Leah Kesner, announced her departure earlier Thursday, along with Damien Keran, director of privacy, and Marianne Fogarty, compliance officer.

While discussing the financial situation and the future of Twitter, Musk said that the company “needs to move urgently, to develop an account verification product (the blue tick), which is valued at $ 8, to counteract the decline in advertising on the platform.

Musk is seeking to develop other products to attract new subscribers, and he assured employees that he wants the subscription to be more seamless, as is the case on the “Tik Tok” platform.

According to Bloomberg, the debt that Musk incurred to buy Twitter, will cost him interest amounting to $ 1.2 billion annually.

In an email to employees on Wednesday evening, Musk warned of "difficult times ahead" about the company's economic outlook.

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