Just two weeks after being handed the keys to Twitter, Elon Musk has hinted that the company could go into bankruptcy. Musk reportedly commented that “bankruptcy isn’t out of the question” during an all-hands with Twitter employees on Thursday, according to Zoë Schiffer, the managing editor of tech newsletter Platformer who reported on the meeting.
It’s not the first time the world’s richest human has suggested that his newly acquired social media platform is in choppy waters.
In the email sent to Twitter staff late Wednesday evening, Musk warned that the wider economic instability of the world will hit the platform hard because it relies so heavily on advertising, the Verge reported.
“Frankly, the economic picture ahead is dire, especially for a company like ours that is so dependent on advertising in a challenging economic climate,” he reportedly wrote. “Moreover, 70% of our advertising is brand, rather than specific performance, which makes us doubly vulnerable!”
All of this follows an unbelievably chaotic week at Twitter. The company has seen huge amounts of staff being sacked with little-to-no notice and many others jumping ship amid the turmoil. Among the latest big is Yoel Roth, former head of trust and safety, who updated his profile to indicate that he had left.
The platform has also been swamped with verified users changing their names and impersonating Musk. Comedian Kathy Griffin was even suspended for doing so, despite Musk's previous assurance that "comedy is now legal on Twitter".
Twitter also underwent a major U-turn on its blue tick verification system, bringing in a new “official” verification badge, before removing it within a day.
Stay tuned – the drama is undoubtedly set to continue.