Twitter holds emergency meeting amid accelerating top-exec exodus - reports
Dimitrios Kambouris

Twitter (TWTR) observers are reportedly learning of significant new changes in a current emergency all-hands meeting with CEO and sole director Elon Musk, who had warned staffers that the "economic picture ahead is dire" and said bankruptcy of the company wasn't out of the question.
Thursday brought more resignations of key personnel, along with the specter of still more attrition after Musk's overnight demand that all employees spend 40 hours per week in the office, effective Thursday. If employees don't come in, "resignation accepted," Musk reportedly said in the new meeting.
Musk had laid off about half of the company's 7,500 workers last week.
The company has a "net negative cash flow of several billion dollars," Musk said, according to The New York Times, though he didn't specify over which time frame. He added that recent sales of $4B in Tesla stock (NASDAQ:TSLA) were done in order to "save" Twitter.
Banks who were stuck with $13B in acquisition debt in Musk's deal have been sounding out investors, and hearing bids as low as 60 cents on the dollar, Bloomberg reports.
Asked how he would deal with expected attrition and get all employees aligned, Musk said "I don't know ... we all need to be more hardcore," according to NYT's Mike Isaac.
On Wednesday, Twitter reportedly lost three top executives responsible for security, privacy and compliance: Chief Information Security Officer Lea Kissner; Chief Privacy Officer Damien Kieran; and Chief Compliance Officer Marianne Fogarty.
Those exits came just a day before Twitter was due to submit a key compliance report to the Federal Trade Commission, which is enforcing a May settlement with the company. An internal letter from a Twitter lawyer visible to all employees warned that Musk was putting the company at risk for billions of dollars in fines for noncompliance.
That lawyer quoted Alex Spiro, Musk's lawyer and currently head of Twitter legal, as saying "Elon puts rockets into space, he's not afraid of the FTC." With the departures of the compliance execs, Twitter legal is now asking its engineers to "self-certify" compliance with the FTC's dictates and other privacy laws, the Verge says.
The FTC, for its part, now says it's "tracking the developments at Twitter with deep concern."
âNo CEO or company is above the law, and companies must follow our consent decrees,â said FTC's Douglas Farrar. âOur revised consent order gives us new tools to ensure compliance, and we are prepared to use them.â
Now, executives Yoel Roth and Robin Wheeler are reportedly exiting Twitter. Roth was among the few execs left on Twitter's Trust & Safety team, and along with Wheeler (VP of Sales) just Wednesday moderated a meeting meant to reassure advertising executives.
Twitter isn't the only company changing its stance from hiring freeze to layoffs, of course: Meta Platforms (NASDAQ:META) said Wednesday it would cut 11,000 jobs.