Elon Musk says he saved Twitter from bankruptcy

February 6, Elon Musk posted several tweets, saying the past few months have been “particularly difficult” but Twitter is “on track to break even”. Musk claims to have “saved Twitter from bankruptcy” while completing his duties at two other companies, SpaceX and Tesla.

“I don’t expect anyone to have to endure this pain. Twitter still has challenges but is on track to break even if we stay on pace. I really appreciate the support from the public.” Musk wrote.

Elon Musk buys Twitter for $44 billion at the end of 2022. (Photo: Reuters)

Since acquiring Twitter for $44 billion at the end of 2022, the journey of “Mr. Tweet” (the nickname Musk gave himself) was pretty bumpy. According to Platformer, Twitter’s daily revenue fell 40% in January 2023 from a year ago. Hundreds of top advertisers have paused or withdrawn their ads. One business estimated the social network’s December 2022 ad revenue was down 70% year-over-year.

Some of Musk’s changes, such as restoring the accounts of controversial figures, have caused some brands to “escape” from Twitter, as well as face reactions from social organizations.

In November 2022, Musk admitted the company experienced a “severe drop in revenue” after advertisers stopped spending on the platform. By the end of 2022, he announced Twitter was no longer in the “highway to bankruptcy lane” but was still not “safe”.

Twitter was also sued for not paying partners, manufacturers and former employees since Musk took over. For example, the Private Aircraft Service sued Twitter for not paying nearly $200,000 for transportation services. In another incident, a landlord also sued Twitter for nonpayment of $6.8 million in rent in San Francisco.

Under Musk’s leadership, Twitter has made large-scale layoffs, internal disturbances that have caused many people to quit. He ended the telework policy of his predecessor Jack Dorsey. In addition to cost-cutting measures, Twitter is looking for new sources of income. The company auctions everything from kitchenware to office equipment in January.

“Blue Bird” also launched a new Twitter Blue subscription service in late 2022. Musk also charges researchers if they want to access Twitter’s API instead of free as before.

The multi-talented billionaire was opposed by Tesla shareholders because of distraction, forced Tesla employees to support at Twitter, sold billions of dollars of shares to pay for the purchase of Twitter.

(According to CNBC)

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