Twitter Could Go Bankrupt: Elon Musk

Twitter may not “survive the upcoming economic downturn,” warned CEO Elon Musk in a conference call with employees. Twitter’s new owner has stated that bankruptcy should not be ruled out if the company fails to increase subscription revenue to offset the decline in ad revenue.

According to Reuters, several key executives, including the Chief Information Security Officer and Yoel Roth, the Head of Trust & Safety, have left the company, leaving Twitter in disarray.

Roth was in charge of dealing with hate speech, misinformation, and spam on Twitter, and his account bio now states that he is a “Former Head” at the company. The company’s Chief Privacy Officer and Chief Compliance Officer also left, according to an internal Slack message. According to a source close to the situation, Robin Wheeler is now the top ad executive, at least for the time being.

Following all of these drastic changes within the company, the US Federal Trade Commission (FTC) is now watching Twitter with “deep concern,” especially since top executives have left. These violations put Twitter at risk of receiving several regulatory fines, but Musk’s attorney, Alex Spiro, claims that the current Twitter team is engaged in “ongoing constructive dialogue” on the matter.

The FTC is focusing on Twitter because the social media giant has previously mishandled personal information, such as providing phone numbers to advertisers on the platform. Spiro’s response to the situation has been inadequate. “Elon puts rockets into space, and he’s not afraid of the FTC,” he said, without explaining the connection.

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