In a latest update, Twitter Inc’s new owner Elon Musk on Thursday cautioned that there is a possibility of the social media platform going bankrupt, closing a chaotic day that included a warning from a U.S. privacy regulator and the resignation of the company’s trust and safety head.
Bloomberg news reported that the billionaire-investor on his first mass call with employees said that he could not rule out the chance of bankruptcy, two weeks after taking over the company in a $44 billion deal that, according to credit experts, has left Twitter’s finances in an uncertain position.
In his first company-wide email, earlier in the day, Musk said that Twitter would not be able to “survive the upcoming economic downturn” if it did not succeed in boosting subscription revenue to compensate for the falling advertising income. This was informed by three people who have seen the message to Reuters.
Two people familiar with the matter told Reuters that Yoel Roth, who has headed Twitter’s response to counter hate speech, misinformation and spam on the service, resigned on Thursday.
In his Twitter bio on Thursday, Roth described himself as “Former Head of Trust &