Elon Musk said the past three months had been “extremely difficult” and he said he was trying to “save Twitter from bankruptcy” while also managing his other companies, Tesla and SpaceX. “Public support is greatly appreciated”
Elon Musk claims that he saved Twitter “from bankruptcy” after 3 “very difficult” months for the company, all while also managing his other companies, Tesla and SpaceX. The billionaire’s candid admission comes after his previous warnings about dire financial conditions at Twitter since he bought the social media platform for $44 billion last October.
“Twitter still has challenges, but is now on track to break even if we keep at it. Public support is greatly appreciated,” he said. Musk issued his upbeat outlook in a separate tweet, noting that Twitter is still “definitely not financially healthy yet,” but is “tending to be so” in the future.
Twitter’s daily revenue fell 40% last month compared to January 2022, as many of the company’s top advertisers halted or cut spending, according to technology website Platformer. There were estimates that Twitter’s ad revenue dropped by 70% last December.
Unlike Twitter, Tesla’s shares have jumped 75% since the beginning of 2023. In the last quarter, the company reported a record profit of $3.7 billion.