Twitter CEO Elon Musk warned Twitter employees that the company could face bankruptcy, according to a Platformer report. He told employees that the company could lose billions of dollars next year, depending on the severity of the economic downturn. He even went as far as saying that the company could face bankruptcy if it doesn’t find a way to make money soon.
If you’ve been seeing any of Musk’s recent replies on Twitter, you might have seen that he has jokingly been asking people for $8 whenever they criticize the dual-verification checkmarks that were being trialled. It seems like his requests for $8 aren’t really a joke after all, and that the company desperately needs money.
Wow. Elon Musk just told Twitter employees he’s not sure how much run rate the company has and “bankruptcy isn’t out of the question.”
— Zoë Schiffer (@ZoeSchiffer) November 10, 2022
Twitter’s problems are compounded by the fact that advertisers are also pulling their ads from the platform due to concerns around moderation. Some of the firms that have pulled ads include General Motors, Audi, General Mills, and IPG.
On Thursday, we reported that the Twitter CEO has told employees to prepare for difficult times ahead and that remote work was now being banned at the company. It will be interesting to see what happens to the company going forward and whether the new leader can turn the company’s fortunes around.
Source: Platformer