Elon Musk tells Twitter staff that bankruptcy isn’t out of the question: report

Twitter owner Elon Musk told employees on Thursday that he was unsure of the company’s operating rate and that bankruptcy was not out of the question, the newsletter editor tweeted. Technology Platformer.

Musk is attending a town hall meeting with Twitter employees, a source told Reuters.

Twitter did not immediately respond to an email request for comment from Reuters.

Also on Thursday, the US Federal Trade Commission said it was watching Twitter with “deep concern” after the departure of the social media platform’s top privacy and compliance officers, causing it to potentially exposed the risk of violating regulatory orders.

Corporate security officer Lea Kissner said in a tweet on Thursday that she had resigned. Chief privacy officer Damien Kieran and chief compliance officer Marianne Fogarty have also resigned, according to an internal message seen by Reuters.

Billionaire Elon Musk reportedly told Twitter employees on Thursday that bankruptcy was not out of the question.
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The departures come after the platform’s new owner, billionaire Elon Musk, quickly cleaned house after taking over Twitter for $44 billion on October 27. It announced plans to halve its workforce last week, promised to stop fake accounts, and charged $8. one month for the Twitter Blue service which will include blue check verification.

“We are following recent developments on Twitter with deep concern,” Douglas Farrar, director of public affairs at the FTC, told Reuters.

“No CEO or company is above the law, and companies must follow our consent decrees. Our revised consent decree gives us new tools to ensure compliance, and we are ready to use them,” said said Farrar.

In May, Twitter agreed to pay $150 million to settle FTC allegations that it misused private information, such as phone numbers, to target advertising to users after telling them the information had only been collected for security reasons.

An attorney for Twitter’s privacy team flagged the executive departures in a memo seen by Reuters and posted on Twitter’s Slack messaging system on Thursday.

In the memo, the lawyer mentioned hearing from Twitter’s chief legal officer, Alex Spiro, that Musk was willing to take “an enormous amount of risk” with Twitter. “Elon puts rockets in space, he’s not afraid of the FTC,” the attorney quoted Spiro as saying.

Twitter did not respond to a request for comment on the FTC’s warning, the attorney’s memo or the departures. Spiro did not immediately respond to a request for comment.

Since taking office, Musk has fired former chief executive Parag Agrawal and other top executives, and the company’s advertising and marketing chiefs left soon after, adding to concerns Twitter won’t there are not enough people in place to monitor that it remains compliant with the regulations.

The takeover has also raised concerns that Musk, who has often waded into political debates, could face pressure from countries trying to control online discourse.

That prompted US President Joe Biden to say on Wednesday that “Musk’s technical cooperation and/or relationships with other countries are worth considering.”

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