Elon Musk may have to take Twitter through Chapter 11 bankruptcy as a result of rampant fraud allegedly committed by the company’s executives and board. The billionaire has told Twitter staff that bankruptcy isn’t out of the question.
via NYPOST:
Twitter owner Elon Musk told employees on Thursday that he is not sure how much run rate the company has and that bankruptcy is not out of the question, the Managing Editor of tech newsletter Platformer tweeted.
Musk is participating in an all-hands meeting with Twitter employees, a source told Reuters.
Twitter did not immediately reply to an emailed request for comment from Reuters.
The revelation came after reports that several top executives have jumped Musk’s sinking ship — including Yoel Roth, the company’s Head of Safety & Integrity, and Chief Security Officer Lea Kissner.
Chief Privacy Officer Damien Kieran and Chief Compliance Officer Marianne Fogarty have also resigned, according to an internal message seen by Reuters.
The exodus follows Musk’s move to swiftly clean house after taking over Twitter for $44 billion on Oct. 27. He announced plans to cut half its workforce last week, promised to stop fake accounts and is charging $8 a month for the Twitter Blue service that will include a blue check verification.
h/t Haitian Born