In a recent all-hands meeting with Twitter employees, new owner, Elon Musk, announced that “bankruptcy is not out of the question” as the company continues to bleed money. While Twitter has been struggling financially for several years and has not earned a profit since 2019, the social media platform has experienced a “massive drop” in revenue as several advertisers have pulled away from the platform since Musk’s takeover two weeks ago.
In a highly anticipated move, the new owner of Twitter, Elon Musk, is expected to fire 3,700 employees on Friday. The mass layoffs equate to roughly half of the company. Most companies go through a phase of cleaning house after an acquisition – Twitter, on the other hand, is experiencing a house fire.
In addition to removing Twitter’s CEO, CFO, and the head of its legal department last week, Elon Musk has also reduced the number of employees with access to Twitter’s censorship tools from hundreds to 15 according to people familiar with the situation. The move comes a week ahead of the highly anticipated midterm elections on November 8th.
Elon Musk and Twitter closed a deal on Thursday with Musk purchasing the social media company for roughly $44 billion or $54.20 per share. The Musk-Twitter deal has been in the works for months and almost fell apart a couple of times during the tumultuous negotiations.
Florida Surgeon General, Joseph Ladapo, was censored on Twitter for posting a tweet linking to updated Covid-19 vaccine guidelines from his office that recommend against giving mRNA vaccines to males ages 18-39.
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