January 31, 2023

Twitter has been going through it the past few days, and now it seems the company could face bankruptcy, just as the last two remaining top executives have resigned. According to Platformer’s Managing Editor Zoë Schiffer, budding Twitter CEO Elon Musk held and all-hands meeting earlier today where he told employees that “bankruptcy wasn’t off the table.”

Schiffer also notes that employees were notified about the meeting only an hour before, and that Musk showed up 15 minutes late. Then proceeded to tell employees that if they could “physically make it to an office and don’t show up, resignation accepted.” It seems Musk will be accepting quite a few resignations. As Bloomberg’s Kurt Wagner notes that both Yoel Roth, Twitter’s Head of Trust and Safety, and Robin Wheeler, Twitter’s Head of Sales, are reportedly resigning.

Just hours before, three other top executives – CISO Lea Kissner, Chief Privacy Officer Damien Kieran, and Chief Compliance Officer Marianne Fogarty also left the company. All of this happening, mind you, as Musk states that user numbers on the site are up. But it sure feels like we’re all just watching the site implode in real-time. While Musk continues to come up with hairbrained schemes like possibly turning Twitter into a peer-to-peer payments platform.

This is of course after the brilliant idea to roll out an “Official” badge for verified Twitter users. Essentially a check mark for the check mark. Which lasted all of a few hours. The biggest issue with Twitter right now though, might just be its potential to burn out.

See also  Twitter employees allegedly forced to work overtime to meet Musk's deadlines

Bankruptcy isn’t the only major problem Twitter could be facing

It might seem easy to write off the Twitter bankruptcy statement as a tactic by Musk to fear monger employees. In fact it won’t be surprising when or if people start downplaying this whole thing one way or another. But there definitely seems to be more at play here. According to Schiffer, one of Twitter’s senior legal staff sent out an internal Slack message to employees noting that Musk is putting the company at huge risk.

And that employees may be pressured by management to put out changes that could lead to major incidents.

This is all on top of Twitter potentially facing “billions” in fines from the FTC. Which could be the reason why Musk mentioned bankruptcy as a potential reality. None of this is to forget that prior to all of this, Musk got rid of the communications team and laid off thousands of other Twitter staff.

Twitter has also recently seen a huge uptick in parody and scam accounts impersonating verified users. It seems to be uncertain times for Twitter. One thing is certain though – Musk seems to be enjoying the chaos.