Almost two weeks after purchasing Twitter, Elon Musk held a general meeting at the company and once again spoke about
In an email to employees and in a meetingThe entrepreneur described the company's dire economic situation and how important he believes Twitter Blue's subscription service is to its future, reports The Guardian. "Without significant subscription revenue, there's a good chance Twitter won't survive the coming economic downturn," he said.
The company's income from advertising in social networksfell due to fears of inflation. In addition, the company began to lose contracts after the takeover of the social network by Musk. Several brands have suspended their ads on the platform due to a lack of understanding regarding content moderation policies.
The speech and actions of Elon Musk led todismissal of a number of top managers. For example, he tasked Yoel Roth, head of security and integrity, and Robin Wheeler, head of customer solutions at Twitter, to speak live with advertisers in an attempt to restart advertising. However, a day after Musk's general meeting, both executives resigned. In the same days, a number of other top executives announced their departure from the company.
It is not known what influenced themass layoffs - the risk of bankruptcy or the actions of Elon Musk. But in any case, the company faces difficult times. Already, the leadership's actions have caused dissatisfaction with the US Federal Trade Commission. According to the agreement between the FTC and the social network, Twitter is required to conduct a privacy review of any changes to its products. The regulator fears that the reduction of a large number of employees will lead to the inability of the company to cope with this task.
Previously, Hi-Tech talked about the first actions of Elon Musk as CEO of the social network.
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