Elon Musk warned that filing for bankruptcy was a possibility for Twitter, his newly acquired company, after laying off half the staffwhich had 7,500 people at the start of the year, and made changes to the platform that have users, brands and advertisers on the run.
“Sorry this is my first company-wide email, but there’s no way to water down the message,” Musk wrote to employees. Without meaningful subscription revenue, there’s a good chance Twitter won’t survive the next economic downturn. »
Musk sold nearly $4 billion worth of Telsa stock since closing its deal to buy Twitter for $44 billion last month. He told Twitter employees on Thursday that he was selling his other company’s stock to “save Twitter.”
Musk will have to personally approve any remote work requests
In addition to the mass layoffs and unwelcome platform changes, Musk announced to employees in an email on Wednesday that he was asking them to come to the office at least 40 hours a week, ending the company’s work-from-home policy. the company; he added that he must personally approve any remote work requests.
Musk also said in his email, “We need about half of our revenue to come from subscriptions,” alluding to the controversial new “blue checkmark” subscription service. The blue checkmark, which is used to indicate a user’s verified identity to combat misinformation and fraudulent accounts, now costs $8 per month and can be given away to anyone willing to pay. It’s unclear if users will eventually need to show identity verification to get a blue tick.
In the email, Musk mentions the growing bot problem: “Over the next few days, the top priority is to find and suspend all verified bots/trolls/spam. He echoed this on Twitter: “Going forward, accounts engaged in parody must include “parody” in their name, not just in the bio.”