Musk Saves Twitter From "Bankruptcy": On Track To Breakeven
Musk, after laying off more than half of Twitter's staff and introducing a new paid subscription, has now tweeted that the company is "trending to breakeven" .
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Tesla CEO, Elon Musk acquired the micro blogging site Twitter for 44 Billion USD and since then has brought on several major changes to the site and the team. Musk, after laying off more than half of Twitter's staff and introducing a new paid subscription, has now tweeted that the company is "trending to breakeven" .
Prior to this Musk claimed that twitter is headed towards bankruptcy due to low advertising revenue. When he had introduced Twitter Blue which was a paid subscription plan that would give accounts the blue verification tick at a monthly cost of $8, several brands backed out from advertising on the platform. Leading to major losses for the microblogging site.
On Sunday, the CEO tweeted that the last three months at Twitter were "extremely tough." Saying he had to juggle between his work on Twitter and his other companies like Tesla Inc, SpaceX and more. He wrote, "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!"
In a follow up tweet Musk said that the daily user count and minutes are "still strong". Since his taking over, Musk has frequently spoken out on the possibility of bankruptcy. However the microblogging site made its first interest payment for the 12.5 Million USD dept that Musk incurred after taking the company private.