Elon Musk informed the Twitter employees that “bankruptcy isn’t out of the question” in the very first email he ever sent as the company’s chief executive, according to several reports.

Musk’s email read, “Sorry that this is my first email to the whole company, but there is no way to sugarcoat the message. Without significant subscription revenue, there is a good chance Twitter will not survive the upcoming economic downturn.”

At a subsequent staff meeting, Musk barely inspired any confidence in the company’s future and an employee, who attended the meeting, said that Musk appeared to downplay concerns within the company regarding how the new downsized workforce would successfully handle its obligations to maintain Twitter’s standards of privacy and data security.

This came after many investors, Twitter’s main source of income, dropped the company almost immediately after Musk gained full control, according to reports.

Twitter, then, laid off many top executives and Musk announced that a new way to get more money in would be for users to pay $8/month for verification; an idea that was widely criticized after it increased the number of fake accounts pretending to be famous celebrities, such as the former British Prime Minister Tony Blair and LeBron James.

Notably, reports said that Twitter’s chief executive informed his employees that the company is losing USD four million every single day.