Tesla CEO and Twitter President Elon Musk told Twitter employees that the “upcoming economic picture for the company is dire.” Noting that “bankruptcy is not out of the question,” the billionaire stressed that “without significant subscription revenue, there is a good chance Twitter will not survive the next economic downturn.”
Elon Musk says Twitter may go bankrupt
Elon Musk, the billionaire who Buyer For $44 billion about two weeks ago, Twitter sent its first email to all Twitter employees on Wednesday informing them of the social media platform’s poor financial situation. “There is no way to soften the message,” Musk wrote, adding:
Frankly, the economic picture ahead is terrible.
He went on to detail that the economic situation is worse for a company like Twitter, which relies heavily on advertising in a tough economic climate. “70% of our ads are brand, not performance specific, which leaves us doubly vulnerable,” he stressed.
And Musk continued: “That is why the priority during the past ten days has been for development and launch blue twitter Verified subscriptions”, clarification:
Without significant subscription revenue, there is a good chance that Twitter will not survive the next economic downturn. We need roughly half of our proceeds to subscribe.
However, Musk said the social media company will remain “too dependent on ads,” so he’s working to “ensure Twitter continues to attract advertisers.” “The road ahead is arduous and will require intense work to succeed,” the billionaire stressed.
The CEO of Tesla and Spacex added that Twitter’s policy will be changed and remote work will not be allowed. As of Thursday, everyone who works for the social media giant is required to be in the office for at least 40 hours a week unless they are physically unable to travel or have critical personal commitments.
Moreover, Musk held an emergency meeting for all Twitter employees on Wednesday. It said He said:
Bankruptcy is not at all possible.
After the meeting, two Twitter executives, Robin Wheeler and Will Roth, reportedly left the company. Last week, musk Dismissed – Temporarily released About 50% of Twitter employees, claiming that he had no choice because the social media company was losing more than $4 million a day.
Musk admitted Wednesday that his new car 8 dollars a month Verification system has problems. “There are too many corrupt ‘verify’ blue ticks, so there is no choice but to remove the old blue in the coming months,” he wrote on Twitter. However, he insisted that Twitter usage has skyrocketed since taking over the platform.
This week, he explained how Twitter can generate revenue as a payment company next Foot Paperwork with the US Financial Crimes Enforcement Network (FinCEN) to start a payment business.
Do you think Twitter will go bankrupt? Let us know in the comments section below.
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