Elon Musk’s Twitter takeover has been nothing short of controversial – and the latest whispers suggest more drama is yet to come.
Just three week’s into the billionaire’s ownership of the social media platform that he purchased for $44 billion, Musk has received major backlash after implementing a paid blue tick subscription, implementing 80-hour work weeks, nixing working from home, and eliminating nearly half of Twitter’s workforce – then subsequently asking some staff to return.
Now, there are whispers that Musk has today told staff that future bankruptcy is “not out of the question”.
Musk made the announcement during the all-hands meeting after an employee asked about the company’s current run rate, with Platformer managing editor Zoë Schiffer, who wrote, “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.”
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
Musk’s takeover has caused so much drama that it’s gotten to the point where the Federal Trade Commission, the US authority that oversees consumer safety, has stepped in amid the chaos.
“We are tracking recent developments at Twitter with deep concern,” a spokesman for the FTC said in a statement.
“No CEO or company is above the law, and companies must follow our consent decrees,” the spokesman added, referring to past commitments by Twitter to obey US privacy rules.
It was also revealed that three top security officials – chief information security officer Lea Kissner, chief privacy officer Damien Kieran and chief compliance officer Marianne Fogarty – have all resigned from the company.
Posting to Twitter, Kissner announced that she had decided to exit the company, writing, “I’ve made the hard decision to leave Twitter. I’ve had the opportunity to work with amazing people and I’m so proud of the privacy, security, and IT teams and the work we’ve done. I’m looking forward to figuring out what’s next, starting with my reviews for @USENIXSecurity.”
I've made the hard decision to leave Twitter. I've had the opportunity to work with amazing people and I'm so proud of the privacy, security, and IT teams and the work we've done.
I'm looking forward to figuring out what's next, starting with my reviews for @USENIXSecurity 😁
— Lea Kissner (@LeaKissner) November 10, 2022
It comes after Elon seemingly recognised how bad of an idea his ‘Twitter Blue’ update actually is for the social media platform, after he recently remarked in a Twitter Space that the update, “might be a dumb idea” .
The Twitter Blue update made verification purchasable to anyone for $7.99, in addition to this, Musk said that non-verified accounts would be pushed down in people’s feeds, essentially suppressing the voice of anyone who chooses to not pay for Twitter. This may be due to the pressure on Musk to immediately generate profit for the company after he foolishly attempted to buy Twitter without the proper funds, resulting in his forced purchasing of the company.
On top of this, Musk has Twitter advertisers pulling out from the platform, removing a large percentage of its revenue. Musk fired large swathes of the site’s employees from engineers to content moderators, making the social media platform look more and more precarious for potential advertisers.
Musk tried to push his subscription-based approach as an end to, “Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is bullshit,” Musk tweeted on Nov. 1. “Power to the people! Blue for $8/month.”