• News
  • Film and TV
  • Music
  • Tech
  • Features
  • Celebrity
  • Politics
  • Weird
  • Community
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
TikTok
YouTube
Submit Your Content
Elon Musk warns Twitter is facing bankruptcy as chaos at company continues

Home> News

Updated 19:29 11 Nov 2022 GMTPublished 11:48 11 Nov 2022 GMT

Elon Musk warns Twitter is facing bankruptcy as chaos at company continues

Musk appears to have told staff that Twitter may cease to exist all together.

Aisha Nozari

Aisha Nozari

Precisely nothing seems to have gone to plan since Musk scooped up the Twitter for a cool $44 billion (£38 billion) last month, with users dipping out in eye-watering numbers after he announced new features like a paid-verification scheme not to mention mass staff layoffs.

But now Musk appears to have told staff that Twitter might actually cease to exist all together because the social media network faces potential bankruptcy.

Elon Musk has warned that Twitter is facing bankruptcy.
Bob Daemmrich / Alamy Stock Photo

Advert

According to The Guardian, Musk said ‘bankruptcy isn’t out of the question’, when addressing employees for the first time this week.

The world’s richest man is said to have written via email: “Without significant subscription revenue, there is a good chance Twitter will not survive the upcoming economic downturn. We need roughly half of our revenue to be subscription.”

UNILAD has approached Twitter for comment.

The paper also reported that Yoel Roth - the head of safety and integrity - has also left the company, as have top security officials Damien Kieran, Marianne Fogarty and head of Lea Kissner.

Advert

What’s more, Musk is reportedly putting Twitter at risk of ‘billions of dollars’ worth of fines, with a Twitter attorney noting that Musk’s changes to the platform may have bypassed its ‘standard data governance processes’.

It's also been reported that the current head of legal, Alex Spiro, has supposedly claimed that Musk is 'willing to take on a huge amount of risk' because he 'puts rockets into space, he’s not afraid of the FTC’.

Musk took over Twitter last month.
NASA Photo / Alamy Stock Photo

In a letter posted to Slack and seen by The Verge, an attorney criticised Musk for taking a huge amount of risk, noting: “Elon puts rockets into space, he’s not afraid of the FTC [Federal Trade Commission].”

Advert

What’s more, just days after announcing plans to cut 50 percent of his workforce, Musk told the remaining workers that he wants them to work a minimum of 40 hours in the office per week, putting an instant end to home working, according to Bloomberg.

The publication saw the email sent by Musk and reported that the Tesla CEO also said there was 'no way to sugarcoat' the difficult economic landscape they are now operating in.

In a bid to boost profit, one of the first changes Musk made at Twitter was to introduce a new, paid-for verification scheme, which will cost users wanting a coveted blue tick $7.99 (£6.84) a month.

In a statement, Twitter explained: "We're adding great new features to Twitter Blue, and have more on the way soon. Get Twitter Blue for $7.99/month if you sign up now.

Advert

"Blue checkmark: Power to the people. Your account will get a blue checkmark, just like the celebrities, companies, and politicians you already follow."

The social media platform added: "Since you’re supporting Twitter in the battle against the bots, we’re going to reward you with half the ads and make them twice as relevant."

Of the change, Musk himself said: "Far too many legacy 'verified' checkmarks were handed out, often arbitrarily, so in reality they are *not* verified. You can buy as many as you want right now with a Google search.

"Piggybacking off payment system plus Apple/Android is a much better way to ensure verification. As soon as we confirm it's working well in the initial set of countries and we have the translation work done, it will roll out worldwide."

Featured Image Credit: Shutterstock/Askar Karimullin / Alamy Stock Photo

Topics: Twitter, Elon Musk

Aisha Nozari
Aisha Nozari

Advert

Advert

Advert

Choose your content:

an hour ago
  • an hour ago

    Scientists warn this one detail in your poop could mean you're at risk of imminent death

    A team of doctors found a variety of markers in a patient's stool that can gauge mortality risk within 30 days

    News
  • an hour ago

    People disgusted as Trump has 'vile' response when asked about murder of Democratic lawmaker

    People have hit back at Trump for his incompassionate response

    News
  • an hour ago

    Donald Trump has blunt response after eye-opening new approval ratings show what US really thinks of him

    Donald Trump's approval rating has dropped for five consecutive months

    News
  • an hour ago

    Chilling simulation of Air India crash gives theories of what really went wrong on flight that killed 270

    The AI simulation explores scenarios that could have led to the crash as experts weigh in

    News
  • Elon Musk has changed his Twitter name and it's caused crypto chaos
  • Trump threatens Elon Musk with ‘very serious consequences’ if he decides to do this one thing as feud continues
  • Elon Musk reveals results of drug test after claims he was taking ketamine while in the White House
  • Elon Musk's daughter has savage reaction as billionaire’s feud with Donald Trump continues