Twitter Elon Musk faces a Titanic moment

(CNN) – The world is watching the world’s richest man single-handedly destroy one of the world’s most powerful communications platforms, just weeks after acquiring it for $44 billion. And of course the world is watching the dramatic scene unfold – where else? – on Twitter.

It’s hard to sum up a summary of the utter chaos that has consumed Twitter over the past 12 hours as Elon Musk continues to wreak havoc at the Silicon Valley startup. “Honestly, it feels like the beginning of the end,” a Twitter employee said recently on Thursday night. FiredShe described the company as “Titanic” to “everyone looking for lifeboats”.

It appears that many of these employees are CEOs. Curriculum open On Thursday evening, the head of the Trust and Security Service Yoel Roth resigned. Bloomberg mentioned That chief of publicity, Robin Wheeler, was about to leave. And earlier today, we learned that a file Security Manager Twitter’s chief information officer Leah Kesner has resigned, as has chief privacy officer Damian Keran.

To make matters worse, the departure of Kissner and Kieran came after a prominent member of Twitter’s legal team Warning in an internal message from the company Musk’s only priority was to “compensate for the losses he incurs as a result of his inability to walk out of his commitment to buy Twitter.” The employee added that Musk was not concerned about potential liability to the FTC, which apparently surprised the federal agency. Elon Musk’s Twitter post is facing a “Titanic” moment, with the agency’s voice saying it is “following recent developments on Twitter with deep concern.”

“No CEO or company is above the law, and companies must follow our approval decisions,” the spokesperson added. “Our revised approval order gives us new tools to ensure compliance and we are ready to use them.”

But Musk also has other annoying problems.

The loss of top executives, especially Ruth and Wheeler, will make it very difficult to lure skeptical advertisers back to the social networking site. And after Musk effectively removed the verification on Twitter, which led to an explosion of trolls and others who created Twitter accounts. crooksIt’s hard to see why advertisers put their money (and faith) into Twitter.

And since Twitter relies heavily on advertising revenue, the developments raise exceptionally troubling news for a company that is already in jeopardy.

That’s why Musk may already be raising the possibility of Twitter crashing. In your first email to all employeesSuddenly announcing the mandatory return of his position, Musk warned that the “upcoming economic outlook is dire” and said that “without significant subscription revenue, Twitter likely will not survive the next economic downturn.” In his first meeting with Twitter employees, according to BloombergMusk said bankruptcy is imminent if the company doesn’t start making more money soon.

Perhaps Twitter will find a way forward. But the road ahead looks very daunting. As Accountable Tech, a non-profit organization, said Thursday night: “This hell scene is going to get even more hell. More hate speech and harassment. More deception and impersonation. More privacy and security risks for all of us. Once again, we ask that Advertisers are jumping ship, but at this point, no CMO in their right mind would need this advice.”