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| Musk warns of Twitter bankruptcy as its top executives resign |
Billionaire Elon Musk has revealed sensitive financial forecasts for Twitter as it enters its third week of ownership of the site and layoffs after the company's top privacy and security officials resigned.
Head of Security and Integrity Yoel Roth, who is responsible for exposing advertisers and users' concerns about the platform, will be the last to leave the company.
The resignations of top executives began on the same day that Musk addressed employees and said, "Bankruptcy is not out of the question."
The day began with the resignations of three senior security officials: Chief Information Security Officer Leah Kesner, Chief Privacy Officer Damian Keran, and Chief Compliance Officer Marian Fogarty, leading to an alert from the Federal Trade Commission, which reached out to Twitter about privacy concerns. The solution. last May. After these resignations, Roth and Robin Wheeler, Head of Customer Solutions, also left the company.
In employee emails and subsequent meetings with them, Musk did nothing to inspire confidence in the company's future. In an email, Musk spoke about the tough economic conditions the company is going through and the importance he places on Twitter Blue subscription service in saving the company.
"Without significant subscription revenue, Twitter is unlikely to survive the next recession. We need to generate half of our revenue from subscriptions," Musk said in an email.
Musk's acquisition of Twitter, disruption from product launches, and content change policies prompted several brands, including General Mills, to suspend purchases of ads on Twitter, and the billionaire tried to correct this in the advertiser's live broadcast. Ruth and Wheeler, who were known to be responsible for the show, later left the company.
Two days ago, Musk announced the launch of Twitter Blue, a monthly subscription service for users of the platform's apps on the Apple iPhone's iOS operating system. As of this Friday, the app no longer offers an option to subscribe to the service.
Users have reported that their blue verification badge has disappeared from their account while subscribing to the Twitter Blue service, breaking the platform's promise to subscribers of the service.
Available to all subscribers of the service, which costs $7.99 per month, is believed to have been misused by users to impersonate brands and celebrities.