“The future is very exciting, I can’t wait for it to happen with you”, Twitter’s new chief said Thursday, Nov. 10, at the start of an internal meeting for employees who weren’t thanked during the mass layoffs a week ago. But the threat of bankruptcy loomed when he later admitted he didn’t know how big the business was. “There will be a lack of income” next year. “It is possible that we have a shortfall of several billion in cash flow.”Elon Musk said, according to reports from employees consulted by AFP. “If there is a long and deep recession, we should be able to survive.”he continued.
Employees also questioned him about the risks associated with the rapid deployment of new, untested features, the preferred method of the Tesla and SpaceX chief. As the US Competition Agency (FTC) issued a rare warning against the platform on Thursday; “We are following the latest developments on Twitter with great concern. No CEO or company is above the law.”said an FTC spokesperson.
He reminded that the platform must comply with the rules of the agreement on data security and confidentiality with the agency. The agreement in question, which was revised in “Gives us new tools to make sure it’s respected, and we’re ready to use them.”, the spokesperson added, referring to the significant fines the FTC could impose. However, many employees aware of these regulations are no longer on Twitter.
Everyday contradictions
The head of Tesla and SpaceX laid off half of the California company’s 7,500 employees a week ago, ten days after buying it and becoming sole owner of the plane. Hundreds of people had already left this summer, and executive resignations continued in recent days. Data privacy manager Damien Kieran and security manager Leah Kisner announced their departures on Thursday. Other directors have also decided to step aside, according to US media, including Yoel Roth, the site’s security manager. He has so far publicly defended Twitter and its controversial new owner. He has stepped in several times to explain the changes or ensure that the fight against disinformation remains “priority”.
But the power of a libertarian entrepreneur on the highly influential social network worries many publishers, advertisers, users and minority advocacy associations. He sought reassurance by reminding us that content moderation, a safeguard against abuse on the platform, has not changed at this time. But his rash decisions and provocations on Twitter have been the source of daily arguments for two weeks. Several advertisers have stopped spending on the Twitter network, whose business model is 90% dependent on advertising. Insider Intelligence slashed Twitter’s ad revenue forecast by 39% in 2023 and 2024.
“One thing is certain: it is not boring.”
Elon Musk wants to diversify revenue streams, from subscriptions for users to content creation tools for influencers. But Wednesday’s inexplicable launch of Twitter Blue, a new $8 formula for authenticating accounts, led to conflicting official announcements and an eruption of fake profiles. “Please be aware that Twitter is going to do a lot of stupid things in the coming months. We’ll keep what works and change what doesn’t.”the multi-billionaire wrote on Twitter.
Earlier in the week, he sold about $4 billion worth of shares in his flagship Tesla. “I did it to save Twitter”He told employees Thursday. Elon Musk wanted to buy the Californian company in the spring, then in the summer he didn’t want it, and had to buy it in the fall to avoid a lawsuit. On Thursday, he claimed using Twitter “keeps going up”adding: “One thing is certain: it is not boring.”.
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.