Twitter: Elon Musk foresees bankruptcy

New Twitter owner, Elon Musk, has announced the possibility of the platform facing bankruptcy following the resignation of the company's key and safety leaders.

The business magnate and investor, on Thursday, in his first company-wide email, alerted that the platform would not be able to "survive upcoming economic downturn" if it fails to boost subscription revenue to offset falling advertising income.

This is coming after the resignation of two key leaders, Chief Security Officer Lea Kissner and Yoel Roth, the Head of Trust and Safety.

Lea Kissner, who reportedly stepped down with other key privacy executives, tweeted, "I have made the hard decision to leave Twitter."

While Roth on Thursday, on his Twitter profile, addressed himself as Twitter's "Former Head of Trust & Safety."

The convulsions came after unveiling the site's long-awaited Twitter Blue tick subscription service, which allows users to pay $7.99 per month for a coveted blue tick, as well as a separate grey "official" badge for some high-profile accounts.

But the release descended into tumult on Wednesday when Musk scrapped the new grey label almost immediately, overshadowing the launch of the payment service, which is currently available on the mobile app on iPhones and in the United States only.