Elon Musk Says Twitter Might Go Bankrupt Without More Cash
Elon Musk warned that filing for bankruptcy was a definite possibility for his newly acquired company, after he laid off half of the employees, which numbered 7,500 earlier this year, and made adjustments to the platform which are causing users, brands, and advertisers to fly the coop.
“Sorry that this is my first email to the whole company, but there is no way to sugarcoat the message,” Musk wrote to workers. “Without significant subscription revenue, there is a good chance Twitter will not survive the upcoming economic downturn.”
Musk sold nearly $4 billion worth of Telsa stock since reaching his deal to purchase Twitter for $44 billion last month. He informed Twitter workers on Thursday that he was selling his other company’s stock in an effort to “save Twitter.”
On top of mass layoffs and unwelcome platform adjustments, Musk informed workers on Wednesday in an email that he’s requiring them to come back into the workplace for a minimum of 40 hours per week, ending the company’s work-from-home policy; he added that he needed to personally approve any remote work requests.
Musk additionally mentioned in the email, “We need roughly half of our revenue to be subscription,” alluding to the new controversial blue checkmark subscription service. The blue checkmark, which used to indicate a user’s verified identity to combat misinformation and scam accounts, now costs $8 per month and could be given to anybody who pays. It’s unclear whether or not eventually users must present id verification for a blue checkmark.
Within the email, Musk talked about the rising bot problem: “Over the next few days, the absolute top priority is finding and suspending any verified bots/trolls/spam.”
He echoed this on Twitter: “Going forward, accounts engaged in parody must include ‘parody’ in their name, not just in bio.”
This content may also be seen on the location it originates from.
Ironically, it was tough to even discover this tweet from the actual Elon Musk’s Twitter account. One must sift through a sea of fake Elon Musks to seek out the actual one, as a variety of users are demonstrating the dangerousness of the new blue checkmark’s leniency, pairing his name with a paid-for checkmark.
CNN pointed out that under the brand new blue checkmark system, Twitter gave Jesus Christ verified status.
This content may also be seen on the location it originates from.
Source: Vanity Fair
