Twitter leader Elon Musk recently declared the company is no longer in the fast lane to bankruptcy as the ‘expenses are basically under control’. The development comes only a month after the tech mogul discussed the potential of the social media network going bankrupt, topping a privacy regulator’s warning and the departure of the company’s trust and safety leader.
Musk recently stated in an interview that the company is no longer on the fast track to bankruptcy. Simultaneously providing more features than ever before, while reducing costs by a factor of three or four.
According to Bloomberg News, the billionaire remarked on his first mass call with staff on November 11 that he could not rule out bankruptcy.
On the same day, Musk cautioned in his first company-wide email that Twitter would not be able to “survive the approaching economic crisis” if it did not increase subscription revenue to balance dwindling advertising revenue, according to a Reuters article citing close sources at the firm.
This came after Twitter’s Chief Information Security Officer, Lea Kissner, announced her resignation through Twitter.
According to an internal statement posted to Twitter’s Slack chat system on Thursday by an attorney on its privacy team and seen by Reuters, Chief Privacy Officer Damien Kieran and Chief Compliance Officer Marianne Fogarty also quit.
According to a person who saw the message, Robin Wheeler, the company’s top ad sales executive, assured staff in a memo that she was remaining, contradicting earlier media rumors that she, too, would be going.
“I’m still here,” Wheeler said on Twitter.
The Federal Trade Commission of the United States said it was watching Twitter with “great concern” after the three privacy and compliance officers resigned. These resignations might place Twitter in violation of regulatory regulations.
