Twitter’s CEO, Elon Musk, has said that Twitter has some financial challenges and is trending to breakeven.
The billionaire owner, who is also the CEO of Tesla and Space X, said this in a tweet on Sunday that the past three months have been challenging for him as he had to save Twitter from Bankruptcy.
He tweeted, “Last 3 months were extremely tough, as had to save Twitter from bankruptcy, while fulfilling essential Tesla & SpaceX duties. Wouldn’t wish that pain on anyone. Twitter still has challenges, but is now trending to breakeven if we keep at it. Public support is much appreciated!”
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“To be extra clear, Twitter is definitely not financially healthy yet, but is trending to be so. Lots of work still needed to get there,” he added in another tweet.
Since his $44 billion acquisition deal of Twitter in October last year, Musk was already lamenting Twitter’s massive drop in revenue which he attributed to activist groups pressuring advertisers.
Musk, since then, has also made a number of controversial changes on the platform, including laying off half of Twitter’s staff, offering a revamped Twitter Blue subscription service, and even auctioning off memorabilia from the company’s San Francisco headquarters.
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However, Musk is confident of his ability to avert bankruptcy in the near term.
Daily user count and total user minutes are “still strong,” Musk said in a follow-up tweet.
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