The billionaire told Twitter employees on a call that that he could not rule out bankruptcy.
Two executives – Yoel Roth and Robin Wheeler – who moderated a Twitter Spaces chat with Musk on Wednesday as he tried to assuage advertisers’ concerns, have resigned, one person close to the matter told Reuters.
In his first meeting with all employees at Twitter on Thursday afternoon, Musk warned that the company may lose billions of dollars next year, the Information reported.Article content Musk, who ruthlessly moved to clean house after taking over Twitter for $44 billion on Oct. 27, has said the company was losing more than $4 million a day, largely because advertisers started fleeing once he took over.Twitter with $13 billion in debt, on which it faces interest payments totaling close to $1.2 billion in the next 12 months. The payments exceed Twitter’s most recently disclosed cash flow, which amounted to $1.1 billion as of the end of June.
In May, Twitter agreed to pay $150 million to settle allegations by the FTC it misused private information, like phone numbers, to target advertising to users after telling them the information was collected only for security reasons.Article content Twitter’s buyout has sparked concerns that Musk, who has often waded into political debates, could face pressure from countries trying to control online speech.
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