At an all hands meeting with Twitter employees following the departure of several top executives over user privacy concerns, CEO Elon Musk told employees that he was not sure of the company’s financial prospects, saying that “bankruptcy isn’t out of the question,” according to multiple reports.
At the same meeting, Musk also told employees that if they can “physically make it to an office and you don’t show up, resignation accepted,” Zoë Schiffer, the managing editor of tech newsletter Platformer, alleged in a thread on Twitter Thursday afternoon. The news comes after reports that a variety of high-level executives, including Chief Privacy Officer Damien Kieran, Chief Information Security Officer Lea Kissner — who also confirmed her departure in a Thursday tweet — and Chief Compliance Officer Marianne Fogarty all resigned Thursday in response to concerns that Musk was sacrificing user’s data security for profits, according to The Verge, citing anonymous sources and the company’s internal messages. Read More
Whatever else can be said about the FBI’s vendetta against James O’Keefe and Project Veritas, his investigative journalism enterprise, it is a useful reminder of two things: 1) that we increasingly live in a two-tier society in which the lower tier can expect the arbitrary intrusion of all the coercive elements of the state, and 2) that the fundamental legitimacy of many important American institutions is draining away rapidly like a full bathtub that is suddenly unplugged.
Scott Johnson at Powerline has an excellent summary of the case thus far.
Last Thursday, the FBI conducted a raid against two former employees of Project Veritas.
A few days later, they conducted a dawn raid against O’Keefe himself. It was the full monty. Read More
Brooks Brothers, one of the United States’ oldest and most prestigious retailers, filed for Chapter 11 bankruptcy Wednesday after 202 years, CNBC reported.
The retailer, credited with dressing 40 U.S. presidents since its founding in 1818, had already been burdened with rising rent when it was devastated by the coronavirus pandemic, which sunk the company’s potential sale, according to CNBC. Read More
Pacific Gas & Electric has emerged from a contentious bankruptcy saga that began after its long-neglected electrical grid ignited wildfires in California that killed more than 100 people.
The nation’s largest utility announced Wednesday it emerged from Chapter 11 bankruptcy and paid $5.4 billion in initial funds and 22.19% of its stock into a trust for victims of wildfires caused by its outdated equipment. Read More
A federal judge on Friday said he was approving a $58 billion plan by the nation’s largest utility to end a contentious bankruptcy saga that began after Pacific Gas & Electric’s outdated equipment ignited wildfires in California that killed more than 100 people, wiped out entire towns and led the company to confess to crimes driven by its greed and neglect.
The decision by U.S. Bankruptcy Judge Dennis Montali clears the way for PG&E to pay $25.5 billion for losses from devastating fires in 2017 and 2018. The judge said he will sign the formal order confirming PG&E’s plan late Friday or Saturday after the company’s lawyers make a few minor revisions worked out during a two-hour hearing. Read More
Gov. Gretchen Whitmer said Sunday that bankruptcy is not an option for Michigan in response to comments last week from U.S. Senate Majority Leader Mitch McConnell.
Whitmer appeared on ABC’s “This Week with George Stephanopoulos” on Sunday. Stephanopoulos asked her if default was on the table for Michigan.
“No, and it’s outrageous for Senator McConnell to even suggest that,” Whitmer said. “But that’s what the matter is. Our general fund budget when adjusted for the inflation is the same size it was during – when Richard Nixon was our president. We have been incredibly smart stewards and we have not made some of the investments I think we should have as a state because of this artificially low number that we’ve been working with.” Read More