Tesla CEO and Twitter head Elon Musk has confirmed that the social media company is no longer on the brink of bankruptcy. “On the fast track to bankruptcy,” he said, though he did stress that much work still needs to be done. “But overall it seems to be going in a good direction.”
Twitter No Longer on the Verge of Bankruptcy, Elon Musk Says
Tesla CEO and Twitter CEO Elon Musk announced over the weekend that the platform will not be filing for bankruptcy any time soon. In an appearance on the All-In podcast on Saturday, he stated:
We have our expenses under control so you are not on the fast-track to bankruptcy.
“It’s been quite a roller coaster,” he concluded. “It has its ups and downs, to say the least, but overall it seems to be going in a good direction.”
Following the podcast, Musk tweeted that Twitter is not yet out of the woods, and that there is still much work to be done. “A lot of work to do,” he wrote.
On the podcast, the Twitter boss also shared more insight: “My expectation is that while our mistakes will decline over time, initially we’ll make a lot of mistakes. I’m new… Hey, I just got here.
He continued: “If you look at the real amount of progress that has been made at Twitter in terms of having costs that aren’t crazy and shipping products that are generally good, I think that’s great — we’re executing it well, and making the things.”
The possibility of bankruptcy was first floated by the billionaire shortly after he took control of the social media platform. In his first email to Twitter employees in November, he wrote:
The economic landscape that is about to change is horrible and bankruptcy is possible.
After purchasing Twitter — for approximately $44 billion — in October, Musk immediately set about making changes to the platform, while ensuring free speech was not compromised. This caused half of the top 100 advertisers to leave the company, a significant portion of its total revenue. Since then, Musk has been trying to generate income for the platform through social media, including by charging $8 per month for Twitter Blue (or $11 for iPhone users).
Recently, Musk vowed to step down as the head of Twitter. “I will resign as CEO as soon as I find someone dumb enough to take the job! After that I will just run the software and server teams,” he tweeted last week.
What do you think — is Elon Musk running Twitter well? Let us know your thoughts in the comments section.