Elon Musk, the CEO of Tesla and the head of Twitter, acknowledged that the social media company is no longer "in the fast lane to bankruptcy," but he underlined that there is still more work to be done on the platform. But overall, things appear to be moving in the right direction.
Elon Musk Predicts That Twitter Won't Go Bankrupt Anytime Soon
Elon Musk, the CEO of Tesla and Twitter, stated over the weekend that Twitter will not be declaring bankruptcy anytime soon. On the All-In podcast on Saturday, he said:
"The company is no longer headed for bankruptcy because we have the costs somewhat under control."
It has definitely been a roller coaster, he continued. Although it "has its highs and lows," to put it mildly, "it seems to be moving in the right path generally."
Musk tweeted a clarification after the episode, stating that there is still "more work to do" and that Twitter is not yet secure.
The head of Twitter also said on the show that while "my error rate and sort of being the main twit will be decreasing over time," initially, "we'll make a lot more mistakes because I'm new"
"We're executing well, and getting things done," he said, "if you look at the real amount of improvement that has happened at Twitter in terms of having costs that aren't outrageous and shipping product that, on balance, is good."
Just a few weeks after he gained control of the social media company, the billionaire issued his first cautionary statement regarding the possibility of bankruptcy for Twitter. In his initial email to Twitter staff in November, he disclosed the company's financial difficulties, writing:
"The economic outlook is bleak, and bankruptcy is a possibility."
Musk concentrated on free speech after acquiring Twitter for almost $44 billion at the end of October, and he quickly made some significant modifications to the network. The firm quickly lost half of the top 100 advertisers, who contributed significantly to Twitter's revenue. Since then, Musk has made efforts to increase revenue for the social media platform, including by increasing the monthly fee for the Twitter blue checkmark to $8 (or $11 for iPhone users).
Musk has stated that he would leave his position as Twitter's CEO. He tweeted last week:
"As soon as I find someone naive enough to accept the position of CEO, I will step down! I will only be in charge of the software & servers teams after that."