Twitter’s CEO confirmed on Sunday some great news regarding the platform’s current financial situation.
Elon Musk says the app is breathing a small sigh of relief after months of worries and extremely tough situations. And while reports did speak about how it might be falling into bankruptcy, it’s now trying to break even.
The news report was first published by CNBC but they are yet to clarify such a claim through an independent source.
The CEO of Tesla and SpaceX shared a tweet where he said that his goal right now is to save the company from bankruptcy. He also hopes to fulfill all of his roles at his other firms while doing so. So as you can tell, the pressure is immense.
Musk further elaborated on an emotional aspect of things, adding how he would never wish that sort of pain on anyone. And while Twitter does still have huge obstacles ahead, the fact that it’s trending to break even is big news, provided the company keeps working hard. Twitter’s new CEO also hoped to get more support from the public as it would be motivating and assist in fulfilling his role with more drive and passion.
Even since he purchased the firm last year in October for a staggering $44 billion, he says that the road has been tough and the challenges are plenty. Some called Musk, ‘Mr. Tweet’ as they felt it was quite suitable since he adores to tweet.
As per a recent tech newsletter, the company’s daily revenue is down 40% YoY in 2023 while hundreds of the app’s leading advertisers had either stopped entertaining Twitter or taken a step back. Moreover, one company even sent out estimates that the decline in advertising revenue was very steep and rose to 70% by December, as per a report by Reuters.
Some of these changes that the Twitter CEO implemented such as the restoration of controversial accounts, ended up causing more people to leave. They felt the company could no longer be taken seriously and that resulted in so many brands exiting the platform while sending outcries by several leaders advocating for civil rights.
Musk has acknowledged through a post sent out in November that the firm suffered a huge fall in revenue as advertisers halted their spending on the leading social media platform.
Meanwhile, toward the end of last year, he even mentioned how the company was fast-tracking toward bankruptcy and was very insecure in its current position. This was confirmed during his recent sitdown podcast where his long-time friends and fellow co-investors in the company accompanied him.
Twitter has also had its fair share of legal issues and was sued for not fulfilling its financial obligations to so many of its partners, ex-employees, and vendors, ever since the Tesla CEO took charge.
Some claim that Musk failed to pay millions in rent for the offices while others worried about a delay in transport payments across the board. Whatever the case would be, Musk saw the easy way out to be slashing headcounts via huge layoffs and a number of other terminations as well as changes made internally.
One brutal example of a decision taken by Musk included the likes of ended the famous ‘work from home’ policy that came about during the leadership of ex-CEO Jack Dorsey.
Then an attorney for labor filed out so many demands and even sent out a class action case against the firm on behalf of those workers affected by Musk’s brutal decision-making. She claims that the employees at Twitter who had been dismissed deserved way more in compensation than what Musk had awarded them.
But other than simply firing employees, the firm is working hard to come up with new means to generate revenue. It started to auction away anything and everything that it felt was no longer needed like kitchen tools and office equipment.
It was similarly seen launching new subscription services for Twitter Blue, right after Musk opted to pull out and delay the service seen in November of last year.
Elon Musk has recently opted to charge researchers a fee for access to the firm’s API and get rid of their free access. He claims that the feature has been taken for granted for way too long and now would come at an additional cost.
Read next: Twitter is planning to charge $1000 per month for businesses to retain their gold checkmark
Elon Musk says the app is breathing a small sigh of relief after months of worries and extremely tough situations. And while reports did speak about how it might be falling into bankruptcy, it’s now trying to break even.
The news report was first published by CNBC but they are yet to clarify such a claim through an independent source.
The CEO of Tesla and SpaceX shared a tweet where he said that his goal right now is to save the company from bankruptcy. He also hopes to fulfill all of his roles at his other firms while doing so. So as you can tell, the pressure is immense.
Musk further elaborated on an emotional aspect of things, adding how he would never wish that sort of pain on anyone. And while Twitter does still have huge obstacles ahead, the fact that it’s trending to break even is big news, provided the company keeps working hard. Twitter’s new CEO also hoped to get more support from the public as it would be motivating and assist in fulfilling his role with more drive and passion.
Even since he purchased the firm last year in October for a staggering $44 billion, he says that the road has been tough and the challenges are plenty. Some called Musk, ‘Mr. Tweet’ as they felt it was quite suitable since he adores to tweet.
As per a recent tech newsletter, the company’s daily revenue is down 40% YoY in 2023 while hundreds of the app’s leading advertisers had either stopped entertaining Twitter or taken a step back. Moreover, one company even sent out estimates that the decline in advertising revenue was very steep and rose to 70% by December, as per a report by Reuters.
Some of these changes that the Twitter CEO implemented such as the restoration of controversial accounts, ended up causing more people to leave. They felt the company could no longer be taken seriously and that resulted in so many brands exiting the platform while sending outcries by several leaders advocating for civil rights.
Musk has acknowledged through a post sent out in November that the firm suffered a huge fall in revenue as advertisers halted their spending on the leading social media platform.
Meanwhile, toward the end of last year, he even mentioned how the company was fast-tracking toward bankruptcy and was very insecure in its current position. This was confirmed during his recent sitdown podcast where his long-time friends and fellow co-investors in the company accompanied him.
Twitter has also had its fair share of legal issues and was sued for not fulfilling its financial obligations to so many of its partners, ex-employees, and vendors, ever since the Tesla CEO took charge.
Some claim that Musk failed to pay millions in rent for the offices while others worried about a delay in transport payments across the board. Whatever the case would be, Musk saw the easy way out to be slashing headcounts via huge layoffs and a number of other terminations as well as changes made internally.
One brutal example of a decision taken by Musk included the likes of ended the famous ‘work from home’ policy that came about during the leadership of ex-CEO Jack Dorsey.
Then an attorney for labor filed out so many demands and even sent out a class action case against the firm on behalf of those workers affected by Musk’s brutal decision-making. She claims that the employees at Twitter who had been dismissed deserved way more in compensation than what Musk had awarded them.
But other than simply firing employees, the firm is working hard to come up with new means to generate revenue. It started to auction away anything and everything that it felt was no longer needed like kitchen tools and office equipment.
It was similarly seen launching new subscription services for Twitter Blue, right after Musk opted to pull out and delay the service seen in November of last year.
Elon Musk has recently opted to charge researchers a fee for access to the firm’s API and get rid of their free access. He claims that the feature has been taken for granted for way too long and now would come at an additional cost.
Read next: Twitter is planning to charge $1000 per month for businesses to retain their gold checkmark
