Musk told his employees about the possibility of bankruptcy in his speech.
Twitter has drifted into a difficult and uncertain situation after billionaire Elon Musk bought the company at the end of October. PDO
Twitter’s new owner Elon Musk has raised the possibility that the company will go bankrupt. They reported on it Bloomberg mixed Reuters.
Musk stated that he cannot rule out the possibility of bankruptcy in his first joint address to Twitter employees.
Musk previously warned in his email to staff that Twitter cannot “survive the coming economic downturn” if it is unable to increase subscription revenue and compensate for the loss of advertising revenue. In addition, the billionaire forbade employees to work remotely.
The door works
Twitter has drifted into a confused and financially uncertain state after Musk took over as its owner at the end of October. The company has lost advertisers and several of its employees have voluntarily resigned in recent days. According to Reuters, the trust and security director is among those who have resigned Yoel Roth and information security manager Leah Kissner.
After Musk became the owner of Twitter, the company itself has fired about half of its employees. It has subsequently asked dozens of those dismissed to return. Musk has also revamped the application with a heavy hand by introducing, among other things, the new Twitter Blue feature, which offers a verification mark to all users for a monthly fee of $8.
The feature is one way to compensate for the loss of revenue caused by advertisers’ hacking. According to Musk, Twitter is currently losing more than four million per day.