
Elon Musk warned employees that the "economic picture" at Twitter is looking "dire," adding that the social media platform may suffer bankruptcy as it is running on a negative cash flow of several billion dollars. The social media platform is also enduring an internal shake-up as several high-profile executives resigned on Thursday. This is Hillicon Valley, detailing all you need to know about tech and cyber news from Capitol Hill to Silicon Valley. Send tips to The Hill's Rebecca Klar and Ines Kagubare. Someone forward you this newsletter? Subscribe here. |
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Turbulence at Twitter escalates |
The internal turmoil rocking Twitter escalated on Thursday with the exit of several more key leaders and a warning from CEO Elon Musk about the company's finances. Musk paints grim economic picture Musk told Twitter employees that the economic outlook appears "dire" while sharing an update on the social media company Wednesday, according to The New York Times. Musk wrote in an email that "there is no way to sugarcoat the message," adding, "The economic picture ahead is dire," the newspaper reported. - The new Twitter CEO also mentioned the prospect of bankruptcy at a staff meeting on Thursday, saying the company was running a negative cash flow of several billion dollars, the Times reported.
- Musk claimed that his recent decision to sell nearly $4 billion worth of Tesla stock was intended to help "save" Twitter.
Read more here More Twitter executives resign
Two top executives in Twitter's security and privacy division resigned on Thursday amid a growing number of departures under Musk's leadership. Twitter's head of moderation and safety, Yoel Roth, quit after Musk held the social media company's first all-hands meeting on Thursday, according to The Washington Post. Another executive, Robin Wheeler, also resigned, according to Bloomberg. Wheeler was VP of U.S. client solutions. - The New York Times reported Thursday that human resources employee Kathleen Pacini also quit.
- The departures follow the announced resignation earlier Thursday of Twitter's Chief Information Security Officer Lea Kissner.
Read more here |
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Federal regulator keeping tabs on Twitter |
The Federal Trade Commission (FTC) on Thursday said it is deeply concerned with the way billionaire Elon Musk has been handling Twitter since his recent purchase. "We are tracking recent developments at Twitter with deep concern," an FTC spokesperson told The Hill in a statement. "No CEO or company is above the law, and companies must follow our consent decrees. Our revised consent order gives us new tools to ensure compliance, and we are prepared to use them." Twitter was fined a $150 million civil penalty over the spring for violating a 2011 FTC consent order by using the personal information of users for advertisements from May 2013 to September 2019. The FTC has required Twitter to follow a number of new provisions, including an enhanced privacy and security program to protect users. Read more here |
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MUSK BANS REMOTE WORK WITHOUT APPROVAL |
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One more thing: Youth screen time spikes |
Screen time rose more than 50 percent among children and adolescents around the world during the COVID-19 pandemic compared with rates measured before the crisis. That's according to a review and meta-analysis published in JAMA Pediatrics that included data on more than 29,000 youths aged 18 and under. - Data were collected from 46 studies that investigated changes in daily screen time among youths around the world. Of those studies, 26 percent were carried out in North America.
- The results are similar to rises in screen time documented among American youth throughout the pandemic. In May 2020, 12- to 13-year-old children doubled their non-school related screen time, while a survey carried out in the fall of 2020 found more than one-third of U.S. children reported excessive screen time.
Read more here |
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That's it for today, thanks for reading. Check out The Hill's Technology and Cybersecurity pages for the latest news and coverage. We'll see you tomorrow. |
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