Market regulator FTC is observing Twitter as Elon Musk revealed the fear of bankruptcy fears are real. Several top privacy and compliance officers of the platform have reportedly left.
News of Twitter’s bankruptcy
Twitter’s new owner on Thursday revealed that it might go bankrupt. Two weeks after the takeover, Musk warned employees on a conference call that he is not ruling out bankruptcy. He added that the company can lose billions in the upcoming fiscal year. He also informed employees to spend a minimum of 40 hours every week in the office. Remote work is no longer permitted.
Market regulator Federal Trade Commission (FTC) stated that it is overserving new developments about Twitter with “deep concern”. Adding that Elon Musk is “not above the law”. Earlier the FTC had accused Twitter of using personal information from users for targeted advertising. Later Twitter agreed to pay fines worth $150 million.
All about new developments in the platform
Over the last few days, Twitter also saw the departure of several senior executives. It began after Musk acquired Twitter and fired its top three officials including the CFO, CEO, and chief of policy. They are expected to get a severance of $122 million. Following them, Robin Wheeler and Yeol Roth resigned from the company. Lea Kissner, the Security head also resigned. In the past, he has used the threat of financial problems for motivating workers.
Musk also cut the workforce by 50 percent last week and disclosed the $8 verification charge. “If you don’t want to come, resignation accepted,” stated Musk as per an inside source. Additionally, when asked about attrition, he stated “We all need to be more hardcore”. In an email to employees on Wednesday, Musk revealed: “difficult times are ahead”. Adding that there was “no way to sugarcoat this message”.