Attention Getter: Twitter Bankruptcy 📲

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Attention Getter: Twitter Bankruptcy

It’s crazy to say that Elon Musk acquired Twitter just two and a half weeks ago because it feels like they’ve been through a year together. Musk has instantly started to make changes to the company, revamping it to something that fits his standards and ideologies. So far, we’ve seen the $8 subscription fee for a verified checkmark go into place, along with a massive layoff of half the workforce that caused mass hysteria. The top brass was cleared out as Musk became the new CEO, and he has implemented new features and guidelines on the app including a harsh punishment on impersonation accounts.

It’s been only changes so far, but Thursday provided us with a dark side that we are now getting to know. Musk held an emergency meeting for the employees, calling for dark times ahead for the company. Musk used the B-word that is equivalent to death in the world of business: bankruptcy. Yeah, Musk said that he doesn’t rule out the company filing for bankruptcy next year and that there is a long road ahead to prevent that. Because of this, Musk also informed employees that remote work is no longer allowed without an exception, a stark difference from Twitter’s previous policy that allowed workers to work from anywhere. Musk has been ardent about the importance of office work during the pandemic, saying remote work decreases productivity among other things. All of the uncertainty regarding the company is causing executives to jump ship, with Chief Information Security Officer Lea Kissner and Chief Privacy Officer Damien Kieran announcing their departure from the platform. The euphoria from the acquisition is quickly wearing out and Musk has a big problem at his hands.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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