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Musk warns over twitter's bankruptcy.

 


On Thursday, Twitter Inc's new owner Elon Musk raised the possibility of the social media platform going bankrupt, capping a chaotic day that included a warning from a U.S. regulator. On his first mass call with employees, the billionaire said that he could not rule out bankruptcy, as Bloomberg News reported, two weeks after buying it for $44 billion - a deal that credit experts say has left Twitter's finances in a precarious position. Robin Wheeler, the company's top ad sales executive, told employees in a memo that she was staying at the company, a person who had seen the message said, diverging from earlier media reports that she too would be leaving. «I'm still here,» Wheeler tweeted late on Thursday.

Federal Trade Commission said it watched Twitter with «deep concern» after the three privacy and compliance officers quit. Musk's attorney Alex Spiro told some employees in an email, «We spoke to the FTC today about our continuing obligations and have an ongoing constructive dialogue,» It stated that only Twitter, not individual employees, could be held liable against the orders. «It is understood that there have been employees at Twitter who do not even work on the FTC matter commenting that they could go to jail if we were not in compliance - that is simply not how this works.»

In his first meeting with many employees at Twitter on Thursday afternoon, Musk warned that the company might lose billions of dollars next year, the Information reported. Musk added in the email to workers that remote work would no longer be allowed and that they would be expected in the office for at least 40 hours per week. Twitter, Musk and Spiro did not respond to requests for comment on a potential bankruptcy, the FTC warning, or the departures. Musk ruthlessly moved to clean house after taking over on Oct.

27 and has said the company was losing more than $4 million a day, mainly because advertisers started fleeing once he took over. «Elon puts rockets into space; he's not afraid of the FTC,» the attorney quoted Spiro saying. Twitter's buyout has sparked concerns that Musk, who has often waded into political debates, could face pressure from countries trying to control online speech. However, President Joe Biden said on Wednesday that Musk's «cooperation and technical relationships with other countries is worthy of consideration».

Musk told advertisers on Wednesday, speaking on Twitter's Spaces feature, that he aimed to turn the platform into a force for truth and stop fake accounts. 

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