Business Maverick: Musk warns Twitter bankruptcy possible if cash burn lingers

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Elon Musk, in his first address to Twitter employees since purchasing the company for $44-billion, said that bankruptcy was a possibility if it doesn’t start generating more cash, according to people familiar with the matter.

The warning came amid a tumultuous start to Musk’s reign at the social media company – a two-week period in which he has fired half of Twitter’s staff, ushered out most of the top executives and ordered the remaining employees to stop working from home. One executive who until Thursdayas part of Musk’s new leadership team, Yoel Roth, departed, people familiar with the situation said.

In his address to staff, Musk issued multiple dour warnings. Employees should brace for 80-hour work weeks. There will be fewer office perks like free food. And he ended the pandemic-era flexibility that allowed employees to work from home. Earlier on Thursday, Twitter’s chief information security officer, chief privacy officer and chief compliance officer, raising concerns about the company’s ability to keep its platform secure and comply with regulations. Twitter is currently bound by a consent decree with the Federal Trade Commission that regulates how the company handles user data, and could be subject to fines for violations.

 

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