Twitter CEO Elon Musk said to employees in an all-hands meeting on Thursday that he is unclear about the company’s run rate and that declaring bankruptcy is not out of the question.
The grim message to staff comes as “Chief Twit” makes significant changes to the microblogging platform, including a headcount reduction of roughly 50%, the introduction of an $8 monthly subscription to be verified and the permanent end of remote work, which was revealed in a company-wide email sent to Twitter employees on Thursday.
Musk also informed staff members that if the business did not generate considerable subscription revenue, it might not survive the current economic crisis.
The email stated his objective is to change the company’s operations so at least half of its revenue comes from subscriptions and it can rely less on advertising.
Though Musk said he still believed Twitter would bring in a sizable sum of money from marketers.
The new CEO appealed to Twitter’s advertising partners via Twitter Spaces on Wednesday, talking directly to those partners who have suspended their ads on Twitter amid fears that their promotions would run alongside offensive material.
Lea Kissner, the former chief information and security officer at Twitter, and several C-suite employees have resigned in tandem with the company’s broad changes. The most recent resignations included Twitter’s Head of Trust & Safety Yoel Roth and Client Solutions Leader Robin Wheeler.
Return To Work: Musk’s new return-to-office policy for Twitter is similar to one he adopted at his electric vehicle manufacturer, Tesla Inc TSLA. Still, it stands in sharp contrast to the company’s co-founder Jack Dorsey’s vision.
Dorsey, one of the first businesses to have a long-lasting remote work policy, informed staff members shortly after the COVID-19 pandemic began that they may work from home forever.
Photo: Sergei Elagin via Shutterstock
Editor’s Note: Updated to reflect the resignations of Yoel Roth and Robin Wheeler.
Image and article originally from www.benzinga.com. Read the original article here.