Musk tells staff bankruptcy can’t be ruled out for Twitter
Christopher Hutton
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Elon Musk told Twitter employees that the company expects to lose billions next year, emphasizing the need for major changes to the social media platform.
Musk expressed uncertainty about the company’s economic future at a hastily organized all-hands meeting with Twitter employees on Thursday, according to the Information. Staff was only given an hour’s notice before the meeting, for which Musk was 15 minutes late. Musk addressed the team and implored them to step up despite expectations of financial struggle.
Musk set extremely high standards for staff, arguing, “We can’t scale to a billion users and take massive losses along the way; that’s not feasible.” The billionaire admitted that Twitter had a “net negative cash flow of several billion dollars” and that he had to sell a large amount of Tesla stock to “save the company.” When asked about the company’s future, Musk claimed that “bankruptcy was an option.”
MUSK ENDS REMOTE WORK IN FIRST EMAIL TO TWITTER STAFF SINCE TAKEOVER
Musk also reasserted that employees are now required to work in the office. “If you can physically make it to an office and you don’t show up, resignation accepted,” Musk said, according to Platformer.
Musk sent his first email addressing staff on Thursday, ending the company’s remote work policy. The company is also attempting to incorporate Musk’s vision for the website, including updating the website’s verification method and filing paperwork with the Treasury Department to become a payment processor.
Twitter has also had to adapt its staffing practices in the two weeks since Musk took over, including the laying off of 3,700 employees last weekend. These actions sparked a class lawsuit from former employees over claims that the process violated federal law.
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Several advertisers, including General Mills, Audi, and Pfizer, have temporarily pulled their campaigns from the platform. Musk slammed these decisions, claiming they were driven by “activist groups” going after free speech.