Elon Musk Reportedly Announces That Twitter Could Possibly File For Bankruptcy Next Year

Things over at Twitter may be worse than we thought!

On Thursday, the social media app’s new owner Elon Musk announced that the company could possibly file for bankruptcy next year.

Musk‘s latest announcement came during an emergency all-hands meeting after an employee inquired about Twitter’s current run rate.

In addition, Musk also told staff that he’s ending remote work and if employees can’t commit to a 40-hour work week, they might as well file their resignation letters.

The issue comes shortly after Musk attempted to increase monetization from the app with an updated Twitter Blue subscription. The new subscription came with many different features, including a controversial $8 per month verification badge.

Shortly after, trolls found a way to misuse the feature by signing up for new accounts, purchasing a badge and impersonating influential figures.

However, as of Friday morning, the Twitter Blue feature has been dismantled.

The Federal Trade Commission recently issued  a warning to Twitter, stating the commission is keeping an eye on the company “with deep concern.”

Last week, Musk purchased Twitter for $44 billion despite originally trying to back out of the deal. After acquiring ownership of Twitter, Musk fired the company’s C-suite, dissolved its board, and took the company private.

Since then, Volkswagen, GM, and General Mills have pulled or paused their advertisements on the app. The big named companies decided to halt their campaigns with growing concerns for the future of Twitter.