2024 RT Amination Banner.gif

China Daily

News> Business> Content
Published: 14:59, April 12, 2023
Musk: Twitter roughly breaking even, has 1,500 employees
By Reuters
Published:14:59, April 12, 2023 By Reuters

Elon Musk departs the Phillip Burton Federal Building and United States Court House in San Francisco on Jan 24, 2023. (PHOTO / FILE / AP)

Twitter Inc CEO Elon Musk said on Wednesday the social media company is "roughly breaking even," as most of its advertisers have returned and its aggressive cost-cutting efforts have started bearing fruit after massive layoffs.

Musk, in an interview with BBC broadcast live on Twitter Spaces, said Twitter has about 1,500 employees now, a sharp decline from "just under 8,000 staff members" it had before he took it over in October.

Twitter has been marked by chaos and uncertainty since the $44 billion acquisition by Musk, as its layoffs have also included many engineers responsible for fixing and preventing service outages, sources told Reuters.

Musk acknowledged some glitches, including recent outages, but said they have not lasted very long.

Elon Musk says Twitter was in a $3 billion negative cash flow situation and had to take drastic actions, referring to its large-scale layoffs

Last week, Twitter suffered a bug that prevented thousands of users from accessing links, its sixth major outage since the beginning of the year, according to internet watchdog group NetBlocks.

Musk acknowledged some glitches, including recent outages, but said they have not lasted very long.

He says Twitter was in a $3 billion negative cash flow situation and had to take drastic actions, referring to its large-scale layoffs.

READ MORE:  Germany starts fine proceedings against Twitter over complaints

"We could be cash-flow positive this quarter if things go well," he said in the interview that attracted more than 3 million listeners, adding the company currently has all-time high user numbers.

Twitter has been hit by a massive decline in advertising since his acquisition.

Musk had said that was due to the cyclical nature of ad spending and some of which was "political." He said on Wednesday most of its advertisers have returned.

The billionaire, who also runs electronic car maker Tesla and rocket company SpaceX, said he has no one in mind to succeed him as Twitter chief executive.

Musk has faced scrutiny from Tesla investors about the amount of time he spends running the social media platform and had previously said the end of this year would be "good timing" to find a new Twitter CEO.


Share this story

CHINA DAILY
HONG KONG NEWS
OPEN
Please click in the upper right corner to open it in your browser !