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Tuesday, May 30, 2023

Musk sheds light on Twitter finances

Advertisers have come back and usage is up, the platform’s CEO says

Twitter is “roughly breaking even,” as most of its advertisers have returned, the social media company’s CEO, Elon Musk, said in an interview on Wednesday.

Things are now going “reasonably well” with usage up, Musk told the BBC without going into detail.

Almost all advertisers “appear to have come back or say they’re gonna come back,” he explained, referring to what he described last month as a “massive decline in advertising” since his controversial acquisition of the microblogging site last October.

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At the time of the deal, Twitter was “spending money like it’s going out of fashion,” Musk said, and that “drastic action” had to be taken.


READ MORE: Musk calls out BBC reporter over β€˜lies’

As part of its aggressive cost-cutting efforts the company cut the number of employees from just under 8,000 to about 1,500 people, which Musk admitted was “painful.”

The billionaire CEO said he believed that Twitter “could be profitable, or to be more precise… cash-flow positive” if things “keep going well.”

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April 12, 2023 at 08:33PM
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