Can't rule out Twitter bankruptcy, says Elon Musk amid high-level exits: Report
In his first meeting with the employees, Musk predicted a loss of billions of dollars in the coming year for the company
Elon Musk announced the possibility of Twitter going bankrupt as two more senior executives -- Yoel Roth and Robin Wheeler -- quit the company. Musk reportedly made the statement during a call with the employees, adding that the company stood to lose billions of dollars in the coming year.
Wheeler was heading Twitter ad sales and Roth was the head of safety and integrity.
Twitter is currently dealing with a spate of high level exits. Apart from Roth and Wheeler, Lea Kissner, the company’s chief information officer; Marianne Fogarty, the chief compliance officer and Damien Kieran, the chief privacy officer, have left Twitter.
The $44 billion deal has reportedly left Twitter’s financials in the doldrums. The debt adds up to $13 billion a year with interests exceeding $1 billion.
News reports say that the company is being watched closely by the US Federal Trade Commission after the exit of the senior executives. Mass resignations at the top level could mean Twitter may have violated regulatory orders.
Musk had earlier justified his decision to layoff half of the Twitter workforce, saying that the platform is losing $4 billion every day due to advertiser exodus. The company has been mulling various other revenue models, including an $8 fee for retaining the blue check.
