There is every possibility that Twitter may go bankrupt in the future.
Credit experts say that at this time Twitter is in financial trouble.
Musk has also expressed fears that there could be a loss of billions of dollars by next year.
New Delhi. Ever since Elon Musk, the world’s richest man and owner of giant companies like Tesla and SpaceX, has bought the social media company Twitter, some or the other movement is being seen and heard everyday. It is now being claimed in media reports quoting Musk that Alan is worried about Twitter’s bankruptcy. He himself told this to his employees during a meeting.
The news agency Reuters quoted a Twitter official associated with the matter as saying that Musk has told his employee over the phone that I cannot deny the bankruptcy of this social media company. There is every possibility that Twitter may go bankrupt in the future. It is worth noting that just two weeks ago, Musk bought Twitter by paying a whopping amount of $ 44 billion.
read this also – Meta Layoffs: 11000 employees fired from Meta will get 4 months salary, these facilities will be given to the family…
Musk told this reason
Elon Musk has given some reasons for the company’s bankruptcy, the most prominent of which is the departure of top Twitter executives, whom he was seeing as future leaders. Apart from this, he has also received many warnings from the American regulator. Credit experts say that at this time Twitter is in financial trouble. Musk has also expressed apprehension that his company may suffer a loss of billions of dollars by next year.
Two more officers resign
According to Reuters, two more Twitter executives Yale Roth and Robin Wheeler have also resigned. These two executives were trying to pacify the questions and concerns of the advertisers, but with the two going together, the problems have increased for the company. Earlier on Thursday, Twitter’s Chief Security Officer Lia Kisner had also tweeted about leaving the company. Not only this, the company’s Chief Privacy Officer Damian Caron and Chief Compliance Officer Marion Fogarty have also designed.
Peeping eyes of American agencies
The US Federal Trade Commission has said that it is closely monitoring Twitter. After the resignation of the three privacy and compliance officers of the company, the possibility of violation of many rules has increased. In such a situation, during the first meeting with all the employees of the company, Elon Musk has clearly said that by next year we may have to bear the loss of billions of dollars.
big impact on advertising
Wheeler was the big face for Twitter’s advertising section, while Roth was responsible for the company’s safety. Before Muske came to its command, he had eliminated 95 percent of the harmful content from the social media platform. Musk had also said in the past that he is suffering a loss of $4 million daily.
Also read – The way to bring Nirav Modi to India cleared, UK court rejected the application
The company has got huge debt
Musk has taken out $13 billion in debt to buy Twitter, on which he will have to pay $1.2 billion in interest over the next 12 months. This interest is more than the cash flow recently announced by Twitter. As of June, this cash flow was $1.1 billion. To deal with this crisis, Musk halved the number of employees and started charging $ 8 a barrel for Blue Tick.
Legal agencies have warned
FTC Director Douglas Farrer says that we are keeping a close watch on the developments in Twitter. No CEO or company is above the law. All companies have to follow our rules. Earlier in May, Twitter fined the FTC $150 million.
Loss of crores to the Indian wing
The Indian wing of Twitter has suffered huge losses in the last financial year. The company recently informed the stock market that it suffered a loss of Rs 31.84 crore in 2021-22, while there was a profit of about Rs 8 crore in the previous financial year. However, during this period, the operating income increased by 81.5 percent to reach Rs 156.75 crore.
Tags: business news in hindi, Elon Musk, Twitter, Twitter Account
FIRST PUBLISHED : November 11, 2022, 13:58 IST