RNS: CEO Elon Musk told Twitter staff on Thursday to brace for “difficult times ahead” and warned that the company could go bankrupt if it doesn’t find new ways of making money.
Speaking at an all-employee meeting, Musk said Twitter was losing money and that “bankruptcy isn’t out of the question,” reported different media.
The revelations marked another whirlwind day since Musk took control of the social media platform.
Yoel Roth, head of trust and safety, and Robin Wheeler, sales vice president, reportedly quit. The company’s CPO (Chief Privacy Officer), CISO (Chief Information Security Officer) and CCO (Chief Compliance Officer) departed the day before. The departures have raised concerns that the company might breach a consent decree with the Federal Trade Commission over how Twitter handles user data.
According to The Information, Musk stated in his first companywide call with employees on Thursday that the company may have a “net negative cash flow of several billion dollars” next year and that “bankruptcy is not out of the question.”
On the call, Musk reiterated an earlier-announced policy requiring all employees to work at least 40 hours per week, saying that if a worker does not show up, “resignation accepted.”
