Email to employees: Elon Musk warns of possible Twitter bankruptcy

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The short message service could face billions in losses. Also: Amazon is rethinking business areas and FTX boss apologizes for the debacle at the crypto exchange.

In the email, Elon Musk also wrote that employees should return to the offices with immediate effect.
picture alliance / NurPhoto | Nikolas Kokovlis

Good morning! While you slept, work continued elsewhere in the digital scene.

The top topics:

The new Twitter-Chef Elon Musk has warned in an email to staff that the short message service faces difficult times. “There is no way to whitewash the news,” Musk wrote in the email, which US broadcaster CNBC published in full. “The economic picture before us is grim, especially for a company like ours that is so dependent on advertising in a challenging economic climate,” it said. Musk, who at the same time Tesla– and SpaceXboss warned that without user subscriptions, Twitter could eventually go broke.

Twitter was already making losses before Musk acquired it, but a number of advertisers have paused their advertising since the deal. During a staff meeting, Musk told employees that he had previously bailed out Twitter financially by selling Tesla stock. In addition, the platform has once again lost a member of the management team: the head of information security, Lea Kissner, has announced her departure. [Mehr bei CNBC, Bloomberg, Techcrunch, Handelsblatt, Handelsblatt und Wall Street Journal]

on Founder scene: The own Lead a company from a sunny foreign country, that should be tempting for many founders, especially in the winter and autumn days. Actually, that’s not a problem – but there is a tax trap that can quickly complicate the project. An expert explains what it’s all about. And reveals a trick on how to avoid the whole thing. [Mehr bei Gründerszene+]

And here are the other headlines of the night:

Amazon is putting all its divisions to the test, according to a media report: After the e-commerce and cloud provider has lost a trillion US dollars in market value, unprofitable areas may be eliminated or employees cut back. One business that has so far made an annual operating loss of more than five billion dollars is the device division with the Alexa language assistance system. The group said, however, that Alexa should be preserved. At the same time, however, some employees were advised to look for other positions in the group. [Mehr bei Wall Street Journal]

FTXCEO Sam Bankman-Fried has after the collapsed deal with the crypto exchange Binance on Twitter wrote that he was “sorry” about the whole thing. He admitted that he “screwed things up” and “should have done better”. Bankman-Fried also announced that he Alameda Research, the trading company he co-founded with FTX, will be dissolved. The former star of the crypto sector needs billions to avert the bankruptcy of his crypto exchange. [Mehr bei CNBC und The Information]

ASML plans to triple its sales by 2030. With this news, the Dutch chip supplier has put investors in a good mood. By 2030, annual revenues could increase to 60 billion euros, it said. In 2022, the most valuable tech group in Europe expects sales of 21 billion euros. In addition, ASML plans to buy back shares for twelve billion euros. [Mehr bei Reuters]

Our reading tip on Gründerszene: Start a part-time job? Pauline Thierry tried that and founded a ceramics start-up with two friends. She experiences flights of fancy, but in the end the business fails. She took five important lessons with her from the experience. [Mehr bei Gründerszene+]

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Happy Friday!

Your Gründerszene editors



Source: https://www.businessinsider.de/gruenderszene/business/elon-musk-warnt-vor-twitter-pleite/

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