Tesla CEO and Twitter chief Elon Musk have confirmed that the social media company is no longer “in the fast lane to bankruptcy.” Nonetheless, the billionaire emphasized that there is still much work to do on the platform. “But overall it seems to be going in a good direction.”
Twitter Won’t Go Bankrupt Anytime Soon, Says Elon Musk
Tesla CEO and Twitter chief Elon Musk revealed over the weekend that Twitter will not be filing for bankruptcy anytime soon. He said on the All-In podcast Saturday:
We’ve got the expenses reasonably under control, so the company’s not in the fast lane to bankruptcy anymore.
“It has been quite a roller coaster,” he added. “It has its highs and lows, to say the least, but overall it seems to be going in a good direction.”
Following the podcast, Musk tweeted clarifying that Twitter is not secure yet and there is still “much work to do.”
The Twitter boss further shared on the podcast: “My error rate and sort of being the chief twit will be less over time but, in the beginning, we’ll make a lot more mistakes because I’m new … Hey, I just got here, man.”
He continued: “If you look at the actual amount of improvement that has happened at Twitter in terms of having costs that aren’t insane and shipping product that, on balance, is good, I think that’s great — We’re executing well, and getting things done.”
The billionaire first warned about the prospect of bankruptcy for Twitter just a few weeks after he took over the social media platform. Sharing Twitter’s financial troubles in his first email to Twitter employees in November, he wrote:
The economic picture ahead is dire … Bankruptcy isn’t out of the question.
After purchasing Twitter for about $44 billion at the end of October, Musk immediately made some drastic changes to the platform as he focused on free speech. Soon the company lost half of its top 100 advertisers which made up a large chunk of Twitter’s revenue. Musk has been trying to generate income for the social media company ever since, including charging $8 a month for the Twitter blue checkmark ($11 for iPhone users).
Musk recently promised to step down as head of Twitter. “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams,” he tweeted last week.