ELON MUSK ANNOUNCED THE POSSIBLE BANKRUPTCY OF TWITTER

Billionaire Elon Musk, who recently bought the social network Twitter, announced its possible bankruptcy at the first online meeting with employees of the service. In the couple of weeks following the $44 billion deal, the new beneficiary has already managed to lay off about half of the employees (3.7 thousand people), including top managers.

Even the bravest experts do not undertake to predict the future of the social network in the conditions of such transformations. It is known that some major advertisers have already stopped cooperating with Twitter. At the same time, Chief Twit (this is the name Musk gave to his account on the network after the transaction was completed) continues to hold unpopular events, introducing a paid subscription of $7.99.

The story of the acquisition of Twitter has dragged on since spring.

First, the billionaire bought a small block of shares, and at the end of April announced plans to acquire the entire company. In May, they were told that the network did not provide full information about spam accounts and existing bots.

In June, Musk announced plans to break the emerging deal, after which the parties initiated mutual litigation in the courts. As a result, a couple of days before the court hearings, the entrepreneur still decided to buy the platform, having received a delay from the judge until October 28 to complete the transaction.

In his first address to the remaining employees of the company, Musk drew attention to the approaching economic downturn. This forces the service to reduce costs, as well as compensate for the drop in advertising revenue. This, according to the businessman, can be facilitated by a paid subscription with a verification function.

However, so far, the dismissal of the staff responsible for content moderation only scares advertisers away with the prospect that the network may become more toxic. The possible radicalization of the information infrastructure, leading to the mass appearance of fake accounts, is also of concern to many US politicians. At the same time, some experts believe that Musk's deal is overvalued and it will be very difficult to return the company to profitability.

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