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Business News/ Companies / News/  Twitter no longer in the fast lane to bankruptcy, Elon Musk claims
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Twitter no longer in the fast lane to bankruptcy, Elon Musk claims

Twitter is releasing more features than ever before while improving its cost structure, Elon Musk said

On 11 November, the billionaire on his first mass call with employees said that he could not rule out bankruptcyPremium
On 11 November, the billionaire on his first mass call with employees said that he could not rule out bankruptcy

Twitter boss Elon Musk recently said the company is no longer in the fast lane to bankruptcy as the ‘expenses are reasonably under control’. The development comes only after a month when the tech billionaire raised the possibility of the social media platform going bankrupt, capping a warning from a U.S. privacy regulator and the exit of the company's trust and safety leader.

Recently, in an interview, Musk said, The company is no longer in the fast lane to bankruptcy. At the same time releasing more features than ever before, while improving cost structure by a factor of 3 or 4.

Watch here:

On 11 November, the billionaire on his first mass call with employees said that he could not rule out bankruptcy, Bloomberg News reported

On the same day, in his first company-wide email, Musk warned that Twitter would not be able to "survive the upcoming economic downturn" if it fails to boost subscription revenue to offset falling advertising income, a Reuters report said quoting close sources to the company.

This came after, Twitter's Chief Information Security Officer Lea Kissner tweeted that she had quit.

Chief Privacy Officer Damien Kieran and Chief Compliance Officer Marianne Fogarty also resigned, according to an internal message posted to Twitter's Slack messaging system on Thursday by an attorney on its privacy team and seen by Reuters.

Robin Wheeler, the company's top ad sales executive, told employees in a memo that she was staying at the company, a person who had seen the message said, diverging from earlier media reports that she too would be leaving.

"I'm still here," Wheeler tweeted

The U.S. Federal Trade Commission said it was watching Twitter with "deep concern" after the three privacy and compliance officers quit. These resignations potentially put Twitter at risk of violating regulatory orders.

 

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Published: 27 Dec 2022, 08:41 PM IST
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