Bankruptcy is Not Out of the Question: Musk at Twitter Staff Meeting

SAN FRANCISO: Twitter’s new CEO the lone member of the Twitter board on Thursday in his first address since the takeover, hinted at the possibility of bankruptcy. The warning came amid a turbulent start the Tesla owner had- a two-week period during which his move to reduce the staff to half ushered out most of the top executives.

Capping off a chaotic day Musk in the ‘all hands’ meeting called just an hour’s notice comprised of multiple dour warnings. Employees are expected to work at least 40 hours a week. Moreover in his first mail since the take over Musk banned the WFH policy and instructed staff to report to their offices. staff to stop working from home and told the company to brace for difficult times ahead in his first mail to employees since takeover. ‘If you can physically make it to an office and you don’t show up, resignation accepted, said the mail.’

The meeting saw the resignation of players on board while the Tesla chief took over the microblogging site. Yoel Roth and Robin Wheeler, resigned after they moderated a Twitter Spaces chat with Musk who tried to assuage advertiser concerns’. Earlier on Thursday, Twitter’s Chief Security Officer Lea Kissner tweeted that she had quit. The resignation list as per the internal messages posted to Twitter’s Slack messaging system on Thursday also mentioned Chief Privacy Officer Damien Kieran and Chief Compliance Officer Marianne Fogarty raising concerns over the company’s ability to keep the platform safe and comply with regulatory rules.

Musk has saddled Twitter with $13billion in debt, on which it faces interest payments totaling close to $1.2billion in the next 12 months.  Twitter is currently bound by a consent decree with the Federal Trade Commission that regulates how the company handles user data and could be subject to fines for violations. the company’s stocks have also been delisted for the time being.

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