Elon Musk says Twitter is ‘trending to breakeven’, last three months were ‘extremely difficult’ Elon Musk said on Sunday that the last three months have been “extremely difficult” as he had to “save Twitter from bankruptcy”.
Elon Musk tweeted, “I wouldn’t wish this pain on anyone.” “Twitter still has challenges, but is now moving towards breakeven if we keep at it. Public support is greatly appreciated!”
Just a week after Elon Musk closed a $44 billion deal to buy Twitter in late October, he was already lamenting the company’s “precipitous drop in revenue,” which he attributed to “pressure from advertisers.”
Since then, he has made several controversial changes to the platform, including cutting nearly half of Twitter’s staff, introducing a revamped Twitter Blue subscription service, and even auctioning off memorabilia from the company’s San Francisco headquarters.
Last 3 months were extremely tough, as had to save Twitter from bankruptcy, while fulfilling essential Tesla & SpaceX duties. Wouldn’t wish that pain on anyone.
Twitter still has challenges, but is now trending to breakeven if we keep at it. Public support is much appreciated!
— Elon Musk (@elonmusk) February 5, 2023
Elon Musk, who is still the CEO of SpaceX and Tesla, defended the Twitter layoffs in November, saying the company was losing $4 million a day.
Elon Musk says Twitter Inc is “heading towards breakeven” to save it from “bankruptcy”. The billionaire said in a tweet on Sunday that the past three months had been “extremely difficult”. He had to juggle the rescue of the social-media platform with responsibilities overseeing two other companies, Tesla Inc and Space Exploration Technologies Corp, or SpaceX.
Elon Musk said, ‘I don’t want this pain to happen to anyone. Elon Musk said in a follow-up tweet that daily user numbers and user minutes are still strong. Elon Musk completed a $44 billion deal for Twitter last year that gave him control of the company at $54.20 per share. Also last year, he became the first person in history to wipe out $200 billion from his wealth, according to the Bloomberg Billionaires Index.
Since the acquisition, Elon Musk has spoken openly and repeatedly about the possibility of Twitter going bankrupt. Nevertheless, the platform made its first interest payment on a $12.5 billion loan that the new owner took private last year, boosting confidence in their ability to avert bankruptcy in the near term.