New worries for Twitter: Fake news and employee exodus

Twitter's logo featured in the lobby of its San Francisco headquarters.

Twitter, a company that doesn’t lack for headaches, has added two more items to the list of things that keep it awake at night.

As first spotted by the securities filing blog Footnoted, Twitter made two important disclosures in the annual report it filed yesterday with the U.S. Securities and Exchange Commission.

The first was a new section of risk factors the company faces in which it notes that Twitter is “experiencing high voluntary attrition.” The company goes on to explain that it has been going through various reorganizations:

The resulting influx of new leaders and other employees requires that we expend the time and resources necessary to recruit and retain talent, restructure our organizations, and train new employees…We may need to invest significant amounts of cash and equity to attract and retain new employees and we may never realize returns on these investments.

Twitter had seen a large turnover in its executive ranks as it seeks to reboot itself. That reboot has also meant layoffs. Twitter had 3,583 full-time employees at the end of December 2016, down from 3,898 full-time employees the previous year.

The company also added a warning about fake news on the social networking service, characterized as: “use of our products or services to disseminate information that may be viewed as misleading (or intended to manipulate the opinions of our users).” The recent political season brought a tidal wave of attention to Twitter, though not much in the way of revenue.

Facebook added a similar warning about fake news earlier this year.

Social – VentureBeat

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