Elon Musk warned that Twitter faces the possibility of bankruptcy amid ongoing turmoil and staff resignations
New York: Following Elon Musk’s takeover, the crisis at Twitter has persisted, with mass layoffs. Musk’s declaration that the world’s largest social media company is on the verge of bankruptcy has stunned the remaining employees as well as the business world. Meanwhile, the situation has been complicated by the resignation of senior executives who were thought to lead the company in the future.
These dramatic developments take place less than two weeks after Twitter was purchased for $44 billion on October 27. Mass layoffs, resignations of senior officials, a decline in advertising revenue, and Musk’s announcements are all dimming Twitter’s future prospects.
Following mass layoffs in key departments, major advertisers have abandoned Twitter. Every day, advertising revenue fell by $40 million. Meanwhile, Yoel Roth and Robin Wheeler, the two senior executives who moderated the Twitter Space chat with Musk on Wednesday, resigned. After Musk took over, Wheeler was the senior executive in charge of advertising. Roth was the head of security and integrity at Twitter. Twitter’s Chief Security Officer Lea Kissner, Chief Privacy Officer Damien Kieran, and Chief Compliance Officer Marianne Fogarty have since resigned. However, Twitter has yet to respond officially to the federal commission’s warning or Musk’s disclosure of possible bankruptcy.
On Twitter, Musk stated that the company will lose billions of dollars next year. Musk issued this warning during his first meeting with employees via Twitter. Musk has proposed that remote working systems will no longer be allowed and that employees must be in the office at least 40 hours a week.
Irish Samachar English News
Kindly click the link below to join WhatsApp group chat to get important news and breaking news from Irish Samachar.
Comments are closed.