Twitter Executives Resign After Elon Musk's Takeover, FTC Concerned
Musk has told employees that “bankruptcy isn’t out of the question.”
According to reports, executives at Twitter have now resigned after Elon Musk sent out a company-wide email warning of “difficult times ahead.” Coming after a series of highly-publicized lay-offs, resignations at Twitter have come from Chief Information Security Officer Lea Kissner, Chief Compliance Officer Marianne Fogarty, and Chief Privacy Officer Damien Kieran.
The latest developments in Musk’s takeover of Twitter have now raised concern from the Federal Trade Commission. A spokesperson for the FTC has noted that it is keeping an eye on the social media company and is utilizing its revised consent order to ensure individuals and the company is in compliance with the law. If the FTC finds that Twitter is not in compliance with privacy and security requirements, the company could face fines of over hundreds of millions USD.
In his email to employees, Musk noted the need for roughly half its revenue to be subscriptions. “Without significant subscription revenue, there is a good chance Twitter will not survive the upcoming economic downturn.” The sentiment was continued in a company-wide meeting ordered by Elon Musk with just one-hour notice. The business magnate also showed up late but cautioned that for employees that didn’t show up, he would consider that their resignation. Musk also took the opportunity to share with staff that “bankruptcy isn’t out of the question.”
I’ve made the hard decision to leave Twitter. I’ve had the opportunity to work with amazing people and I’m so proud of the privacy, security, and IT teams and the work we’ve done.
I’m looking forward to figuring out what’s next, starting with my reviews for @USENIXSecurity 😁
— Lea Kissner (@LeaKissner) November 10, 2022
Wow. Elon Musk just told Twitter employees he’s not sure how much run rate the company has and “bankruptcy isn’t out of the question.”
— Zoë Schiffer (@ZoeSchiffer) November 10, 2022
Wow. Elon Musk just told Twitter employees he’s not sure how much run rate the company has and “bankruptcy isn’t out of the question.”
— Zoë Schiffer (@ZoeSchiffer) November 10, 2022
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