On Wednesday, Twitter Inc. CEO Elon Musk said the social media business is “basically breaking even” following significant layoffs and most advertisers returning.
Musk told BBC in a live interview on Twitter Spaces that Twitter currently has 1,500 employees, down from “just under 8,000” when he took over in October.
Since Musk’s $44 billion acquisition of Twitter, numerous engineers who repair and prevent service disruptions have been let off, sources told Reuters, creating turmoil and uncertainty.
NetBlocks said that Twitter had its sixth significant outage of the year last week, preventing thousands of users from accessing links.
Musk acknowledged issues, including recent outages, but they were brief.
He claims Twitter’s massive layoffs were necessary due to a $3 billion cash flow deficit.
In an interview with over 3 million listeners, he added, “We might be cash-flow positive this quarter if things go well.” In addition, the firm boasts record user numbers.
After his takeover, Twitter advertising plummeted.
Musk said ad spending was cyclical and “political.” On Wednesday, most of its sponsors returned.
The billionaire, who also oversees Tesla (TSLA.O) and SpaceX, said he had no successor for Twitter CEO.
Tesla investors have criticized Musk for spending too much time on Twitter and previously indicated that the year’s end would be “excellent timing” to choose a new CEO.
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