Left Behind By Twitter Executive And Advertisers Maybe Immediately Bangkrut, This Is Elon Musk's Explanation!

Elon Musk is worried that Twitter will go bankrupt soon. (photo: dock. Twitter)

Twitter's new owner, Elon Musk, on Thursday 10 November raised the possibility that the social media platform would go bankrupt, due to chaos in days that included warnings from US regulators and the departure of senior executives seen as future leaders.

Quoted from Bloomberg News, the billionaire told Twitter employees by telephone that he could not rule out the bankruptcy, two weeks after buying it for $44 billion and a deal credit experts say Twitter's finances are in a precarious position.

Two Twitter executives, Meroh Roth and Robin Wheeler, who moderated Spaces' Twitter chat with Musk last Wednesday as he tried to ease advertisers' concerns, have also resigned. This was reported by a source to Reuters.

Roth and Wheeler did not immediately respond to a request for comment on the news. Bloomberg and the technology site, Platformer, have also reported them out in advance.

Earlier on Thursday, Twitter's Chief Security Officer Lea Kissner tweeted that she had also stopped.

Chief Privacy Officerani Kieran dan Chief Compliance Officerekno Fogarty juga mengundurkan diri, menurut pesan internal yang diposting ke sistem pesan Slack Twitter pada Kamis lalu oleh seorang pengacara di tim privasinya.

The US Federal Trade Commission also said it was watching Twitter with "deep concern" after these three privacy and compliance officers stopped. This resignation has the potential to put Twitter at risk of violating regulations.

In his first meeting with all employees on Twitter on Thursday afternoon, Musk warned that the company may lose billions of dollars next year.

Wheeler is Twitter's face for advertising after Musk took over. Roth, who is head of security and integrity on Twitter, said Twitter had reduced the display of malicious content in search results by 95% compared to Musk's previous acquisition.

Musk, who viciously cleans up the company after taking over Twitter on October 27, said the company lost more than $4 million a day, largely as advertisers began fleeing as soon as he took over the platform.

Musk has weighed on Twitter with a debt of 13 billion US dollars, in which he faces interest payments totaling nearly 1.2 billion US dollars in the next 12 months. The payments exceeded Twitter's recently disclosed cash flow, which amounted to only $1.1 billion at the end of June.

I love when people complain about Twitter … on Twitter 🤣🤣

— Elon Musk (@elonmusk) November 10, 2022

Musk announced plans to cut half of his workforce last week, pledging to stop fake accounts and charge $8 per month for the Twitter Blue service which will include blue tick verification.

"We are tracking the latest developments on Twitter with deep concern," Douglas Farrar, director of public affairs of the FTC, told Reuters.

"No CEO or company is above the law, and the company must follow our approval decision. Our revised approval order gives us new tools to ensure compliance, and we are ready to use them," said Farrar.

In May, Twitter agreed to pay $150 million to settle allegations by the FTC that it was abusing personal information, such as phone numbers, to target users with ads after informing them that their information was gathered only for security reasons.

In an internal note quoted above, the attorney said he had heard Twitter's chief of law Alex Spiro say Musk was willing to take "a large amount of risk" with Twitter. "Elon puts a rocket into space, he's not afraid of the FTC," the lawyer quoted Spiro as saying.

Twitter's purchases have sparked concerns that Musk, who is often involved in political debates, could face pressure from countries trying to control online speech.

This prompted US President Joe Biden to say on Wednesday that "Muture cooperation and/or Musk's technical relations with other countries deserve to be seen."

Musk told advertisers on Wednesday, speaking on Twitter's Spaces feature, that it aims to turn the platform into a power for truth and stop fake accounts. The guarantee may not be enough.

Chipotle Mexican Grill said last Thursday that it had withdrawn paid content and its own on Twitter until it gained a better understanding of the platform's direction under its new leadership.

They joined other brands including General Motors, which has stopped advertising on Twitter since Musk took over, fearing he would relax content moderation rules.