Elon Musk, CEO of Tesla and Twitter, confirmed that Twitter is no longer “on the fast track to bankruptcy“. Nevertheless, the billionaire stressed that there is still a lot of work to do on the platform. “But overall, it seems to be going in a good direction“.
Twitter won’t go bankrupt anytime soon, according to Elon Musk
Elon Musk revealed this weekend that Twitter won’t be filing for bankruptcy anytime soon. He said Saturday on the podcast All-In :
We have reasonably controlled expenses, so the company is no longer on the fast track to bankruptcy.
“It has been a real roller coaster ride“, he added. “There are ups and downs, to say the least, but overall it seems to be going in the right direction.“
After the podcast, Musk clarified on Twitter that Twitter is not yet secure and that there is still “a lot of work to do.“
Twitter isn’t secure yet, just not in the fast lane to bankruptcy. Still much work to do.
– Elon Musk (@elonmusk) December 25, 2022
The Twitter boss also said during the podcast: “My error rate and being sort of the head twit will be less over time but initially we’ll make a lot more mistakes because I’m new… Hey, I just got here, man.“
He continues: “If you look at the actual amount of improvement that’s happened at Twitter in terms of costs that aren’t insane and shipping products that, overall, are good, I think it’s great – We’re executing well, and getting things done.“
The billionaire first warned of the prospect of Twitter’s bankruptcy just weeks after taking control of the social media platform. In his first email to Twitter employees in November, he noted the company’s financial problems:
The economic picture ahead is dire…Bankruptcy is not out of the question.
After buying Twitter for about $44 billion in late October, Elon Musk immediately made sweeping changes to the platform with a focus on free speech. The company quickly lost half of its top 100 advertisers, which accounted for a large portion of Twitter’s revenue. Since then, Musk has been trying to generate revenue for the social media company, including charging $8 a month for Twitter’s blue tick ($11 for iPhone users).
Elon Musk recently promised to step down as head of Twitter. “I will resign as CEO as soon as I find someone crazy enough to take the job! After that, I’ll just run the software and server teams“, he tweeted last week.