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Analysis: Elon Musk’s Twitter faces its ‘Titanic’ second as executives and advertisers flee whereas trolls run rampant

New York
CNN Enterprise

The world is watching the world’s richest man single-handedly destroy one of many world’s strongest and essential communication platforms, simply weeks after buying it for $44 billion. And naturally, the world is watching the dramatic spectacle unfold on — the place else? — Twitter.

It’s arduous to succinctly summarize absolutely the chaos that has consumed Twitter over the past 12 hours as Elon Musk continues to wreak havoc on the Silicon Valley firm. “It feels like the beginning of the end, honestly,” one not too long ago laid-off Twitter worker mentioned Thursday night, describing the corporate because the “Titanic” with “everyone looking for lifeboats.”

A number of of these workers, apparently, are high executives. Platformer scooped Thursday night that Belief and Security head Yoel Roth had resigned. Bloomberg reported that its promoting chief Robin Wheeler was on the way in which out. And earlier within the day, we discovered that Twitter’s chief info safety officer Lea Kissner resigned, as had chief privateness officer Damien Kieran.

A model of this text first appeared within the “Reliable Sources” publication. Join the day by day digest chronicling the evolving media panorama right here.

To make issues worse, the exits of Kissner and Kieran got here after a senior member of Twitter’s authorized staff warned in an inner firm message that Musk’s sole precedence was “recouping the losses he’s incurring as a result of failing to get out of his binding obligation to buy Twitter.” The worker added that Musk was unconcerned about potential legal responsibility earlier than the Federal Commerce Fee, which seemingly raised eyebrows on the federal company. A spokesperson for the company mentioned it’s “tracking recent developments at Twitter with deep concern.”

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

However Musk has a number of different distressing issues as nicely.

The lack of the senior executives, particularly Roth and Wheeler, will make it terribly troublesome to lure already skeptical advertisers again to the social media web site. And with Musk successfully nuking verification on Twitter, giving technique to an explosion of trolls and others creating imposter accounts, it’s arduous to see why advertisers would put their cash (and religion) into Twitter.

And provided that Twitter closely depends on promoting income, the developments spell exceptionally troubling information for the already-imperiled firm.

Which is why Musk maybe is already floating the likelihood that Twitter may collapse. In his first all-staff e mail, the place he abruptly introduced necessary return-to-office, Musk warned that “the economic picture ahead is dire” and mentioned “without significant subscription revenue, there is a good chance Twitter will not survive the upcoming economic downturn.” In his first assembly with Twitter workers, Bloomberg reported that Musk mentioned chapter is on the desk if the corporate doesn’t quickly begin producing more money.

Perhaps Twitter will discover a path ahead. However the highway forward seems fairly arduous. Because the non-profit watchdog Accountable Tech put it Thursday night: “This hellscape is going to get more hellish. More hate speech and harassment. More deception and impersonation. More privacy and security risks for all of us. We would once again tell advertisers to jump ship, but at this point, no CMO in their right mind needs that advice.”

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