Twitter seems to be collapsing like a house of cards since Elon Musk took over for 44 billion euros. The brand-new owner is sounding the alarm by informing staff that “bankruptcy is all but out of the question.” That’s why a few executives have once again left the ailing company.
This all came out in a panic meeting announced just an hour in advance. What exactly prompted it is not known. Indeed, it is not really super clear at the moment what is going on at Twitter. But a big game of panic soccer is being played, because there is shit going on.
Twitter needed to be rescued
A number of things came to light during the meeting. For example, that Twitter is on the verge of bankruptcy and that Musk had to “save the company by selling Tesla shares.” Because the company has “a negative cash flow of billions of dollars,” he doubts the medium’s longevity.
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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
Because of all the problems, Yoel Roth and Robin Wheeler decided to leave Twitter. Yoth was in charge of security and trust, while Wheeler was vice president of US client solutions. Roth had been working with a small team for two weeks, as the bulk had already been fired by Musk.
Advertisers pull out
Wheeler, meanwhile, was trying to salvage what could be salvaged in terms of advertisers. Indeed, they pulled out en masse after all the commotion caused by Elon Musk(s). And that’s quite a big deal, since advertising revenue is the biggest source of income for the once fine and cozy social medium.
Meanwhile, Kathleen Pacini, head of HR and talent management, also decided to quit. So it’s pretty chaos at Twitter right now; not to mention that $8 a month for the blue checkmark. As a result, the medium suddenly has to deal with fake accounts in high gear.