Twitter’s new boss Elon Musk has warned employees that the company’s “bankruptcy is not out of the question” as the social media platform hemorrhages money.
Musk reportedly issued the warning to staff at a recent all-hands meeting with Twitter employees.
According to Musk, Twitter, which hasn’t turned a profit since 2019, has seen a “massive drop” in revenue as “woke” advertisers pause spending campaigns to protest his free speech plans for the platform.
During the meeting, Musk also suggested that the company’s future depends on the success of the revamped $8 per month Twitter Blue subscription service.
“The reason we’re going hardcore on subscribers is to keep Twitter alive,” Musk said, according to The Information.
“Without significant subscription revenue, there is a good chance Twitter will not survive the upcoming economic downturn,” he warned.
Musk also announced that Twitter’s “work from anywhere” policy is now canceled.
He told Platformer that employees were told: “If you can physically make it to an office and you don’t show up, resignation accepted.”
Some of the company’s remaining employees voiced their disapproval of Musk’s plans following the all-hands meeting.
“What’s the motivation? Work hard or get fired?” asked one employee.
“How do you plan to restore totally destroyed trust?” asked another.
“I am ethically not okay with making the richest person in the world even richer.
“Also not okay with this alpha dog mentality – it’s already trickling down.”
Meanwhile, Musk has threatened to “name and shame” the “woke” advertisers that are protesting his plans for Twitter.
As Slay News reported, several brands, including Pfizer, General Mills, General Motors, and United Airlines, have publicly announced they are “pausing” ads until Musk agrees to continue censoring users.
However, other companies have quietly pulled their ads from Twitter following Musk’s takeover of the social media platform.
Musk said in a post on Twitter that “activist groups” are causing financial woes as the company engages in mass layoffs.
“Twitter had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists,” Musk wrote.
“Extremely messed up!” he added.
“They’re trying to destroy free speech in America.”