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Friday, March 29, 2024

Musk warns of Twitter bankruptcy if cash burn continues

Photo: Reuters

NEW YORK: Elon Musk, in his first address to Twitter employees since purchasing the company for $44 billion, said that bankruptcy was a possibility if it does not start generating more cash, according to people familiar with the matter.

The warning came amid a tumultuous start to Musk’s reign at the social media company — a two-week period in which he has fired half of Twitter’s staff, ushered out most of the top executives and ordered the remaining employees to stop working from home.

One executive who until Thursday had emerged as part of Musk’s new leadership team, Yoel Roth, departed, people familiar with the situation said. Another, Robin Wheeler, also resigned — but Musk persuaded her to stay on, said…

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