Nearly one month after Elon Musk took the reigns of Twitter, Inc, the company appears to be in turmoil and headed toward bankruptcy.
Musk told employees on a call about the unforeseen future ahead and said that he could not rule out bankruptcy as an option. However, most anticipate that the new CEO will do everything he can to maintain and reverse the situation.
Twitter’s leader is banking on subscription revenue to boost the corporate bank account during the economic downturn.
Several Twitter employees have quit their posts, including Chief Information Security Officer Lea Kissner, which has shaken up the already unstable foundation. Additionally, Chief Compliance Officer Marianne Fogarty and Chief Privacy Officer Damien Kieran walked out, leaving the company in a bind with the U.S. Federal Trade Commission, which monitors the situation closely.
Twitter is currently on course to potentially lose billions of dollars in 2023 and is already losing a reported $4 million per day. Withal, the setbacks have caused several advertisers to step away from the platform, making matters worse.
Chipotle Mexican Grill announced on Thursday that it is suspending advertising with Twitter while the company gains “a better understanding on the direction of the platform under its new leadership.” The large U.S. car manufacturer General Motors also backed away for the time being.
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