It’s no secret that Twitter’s employee base, business model, and overall reputation have plummeted since Elon Musk took over the platform last month. But in his short tenure, exactly how bad have things gotten at Twitter, and is there any way out for Musk?

Fast Company’s Max Ufberg took to Twitter Spaces with contributor Chris Stokel-Walker to discuss what damage Musk has already done, and what potential ups and downs are in Twitter’s future.

Here are three key takeaways from their conversation.

YES, TWITTER IS A SECURITY RISK

Last night, security giant Norton sent an email to its users warning that Twitter’s rampant impersonation problems, compounded by Musk’s failing Twitter Blue verification program, could enable phishing schemes on the platform. Many weren’t sure if this was a real concern from Norton or just an attempt to capitalize on the news cycle. Stokel-Walker assures us that, yes, Twitter does have major security problems.

“There is a real concern about this, not least because the changes to verification have a major impact on who can pretend to be whomever,” Stokel-Walker says. “But also, it’s coupled with the fact that we’ve seen the content moderation team at Twitter completely be routed.”

That loss of personnel means even longstanding problems at Twitter could become significantly worse, simply due to the lack of employees to handle the chaos.

“Previously, pre-Musk takeover and pre-layoffs, Twitter would be able to potentially step in relatively quickly and then do something about that,” Stokel-Walker says. “Now, I’m not so sure they’d have that nimble response.”

NO COMMS TEAM MEANS NO ACCOUNTABILITY

Musks’ now notorious layoffs have affected every corner of Twitter, but one of the most devastating blows was to Twitter’s communications department.

“They had a very, very deep global comms team who were actually really good and very, very responsive,” Stokel-Walker says, but that as of a week ago, only two members remained on the comms team. “Everybody else got taken away. And now, my understanding is that there are zero people working on comms.”

Bizarrely, Musk seems to have taken on the comms team mantle himself, directly replying to concerns and complaints on Twitter (often with snark and without actually resolving any issues).

“Elon Musk talks about how this is a really vital public square, and you need accountability for that,” Stokel-Walker says. Now, with Musk as Twitter’s primary representative, “accountability depends on whether a billionaire decides to check his mentions and deigns to reply to you.”

MUSK CAN’T EFFECTIVELY REPLACE HIMSELF

Given Twitter’s rapidly declining reputation, some think Musk may want off the sinking ship—or at least to dissociate himself from it. That could involve replacing himself as CEO. But with whom?

Stokel-Walker sees two potential outcomes to a Musk-led CEO search. First, he could simply put in one of his buddies (Jason Calacanis has shown plenty of interest in the position), and continue to run Twitter by proxy without getting his own hands dirty.

“Ultimately, we know that ‘Elon Musk’ the brand is quite large, and some might say inflated in terms of ego,” Stokel-Walker says. But this solution might not hold up in the eyes of advertisers who’ve already decided they want no part of Twitter while Musk is at the helm.

Instead, Musk could attempt to bring in a more legitimate CEO, someone with credibility and their own leadership strategy to actually save the sinking platform. But finding that person might prove difficult, given how little faith people have in Twitter at the moment.

“To me, I don’t know how you would get someone who is independently minded and strong-willed enough to take [the position] because it’s a really poison chalice right now,” Stokel-Walker says. “I guess there’s a sell that you can be the person that saves Twitter, but I just don’t know whether that’s worth it.”