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Elon Musk to Twitter employees: ‘Bankruptcy isn’t out of the question’, Two Senior executives resign

The social network behemoth is having yet another hectic day as execs leave and Musk stops remote work.

As Twitter began rolling out modifications that would make it easier for users to pose as well-known companies and public figures, the company’s chief information security officer and top compliance officer announced their resignations late on Wednesday night.

The resignations happened only hours before Twitter’s new CEO, Elon Musk, delivered his first email to staff members, warning them of “tough times ahead” and introducing a need to go to work.

In a tweet sent early on Thursday, the chief information security officer, Lea Kissner, confirmed they had gone. A source close to the issue has confirmed that Marianne Fogarty, the chief compliance officer, has left the organization. This source requested anonymity since they were not permitted to talk publicly on the matter.

Game of Thrones is not something I watch. It’s not something I want to play at work, for sure,” Fogarty tweeted on Monday.

In a statement sent by email, a representative of the Federal Trade Commission indicated that the agency is monitoring the issue.

The statement said, “We are closely monitoring recent events at Twitter with grave worry.” “No CEO or business is above the law, and businesses are required to abide by our consent decrees. We are prepared to employ the additional instruments provided by our updated consent order to guarantee compliance.

Elon Musk eventually spoke to the surviving employees of the firm two weeks after seizing control of Twitter, and his message was depressing. Musk reportedly told employees at an all-hands meeting that Twitter’s financial losses are “so severe that bankruptcy is not out of the question,” as reported by The Information and Platformer.

Since Musk took control of the company in 2019, Twitter has not made a profit, and advertisers have stopped using the network as a result. According to The Information, Musk predicted during the all-hands meeting that Twitter might have “the net negative cash flow of several billion dollars” by 2023. He also said that the success of the redesigned Twitter Blue membership program will determine Twitter’s survival.

He said, “We’re working hard on subscribers because we want to keep Twitter alive.

Twitter launched the new Twitter Blue on Wednesday, enabling any user who signed up before November 9 to buy a verification badge for $7.99 a month. Users instantly leveraged the pay-to-play function to spoof companies and well-known people, as cybersecurity experts expected. One user sought a trade from the Los Angeles Lakers while pretending to be LeBron James.

The resignations add to Twitter’s turbulent two weeks under Musk’s leadership, where he recently predicted that the organization “will do many foolish things in future months.”

He said, “We will maintain what works and alter what doesn’t.

After the resignations were announced, several staff members speculated in the business’s Slack discussion and in private messages obtained by NBC News that the resignations and the firm’s recent decision to deploy features swiftly may put it in danger of action from the FTC, which has already punished the company and accused it of misleading tactics.

According to the DOJ’s announcement of the settlement, Twitter committed to “adopt rigorous compliance procedures to safeguard users’ data privacy” as part of its agreement with the FTC and the Department of Justice.

One employee told NBC News on Wednesday, after the launch of the paid verification tool, that they were sticking with the firm only to prevent their department from “falling off the tracks.”

The employee said that Musk sets new rules on the website “by Tweet decree,” and then requires workers to uphold them going forward. The individual contrasted Musk’s management style, which involves first publicly tweeting about it, to that of the Trump White House.

Source: NBC News

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Written by Alex Bruno

Freelance space writer Alex Bruno specializes in covering China's quickly expanding space industry. In 2021, he started writing for SpaceXMania. He also contributes to publications including SpaceNews, IEEE Spectrum, National Geographic, Sky & Telescope, and New Scientist. When Alex was a small child, he first experienced the space bug after seeing Voyager photographs of alien planets in our solar system. When not in space, Alex likes to go trail jogging in the Finnish countryside.

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