2023-04-12 09:42:18
Elon Musk has stated this Wednesday that running Twitter has been “quite painful” and like “a roller coaster”, which has caused him “very stressful months”. Despite this, he believes that acquiring the social network was a wise decision.
In an interview with the BBC, the mogul noted that the social network is “more or less in equilibrium” as most of its advertisers have returned and its aggressive cost-cutting efforts have begun to pay off after the massive layoffs. Twitter now has some 1,500 employeeswhich is a sharp drop from the “just under 8,000 staff members” it had before he took over in October.
Twitter has been marked by chaos and uncertainty since Musk’s $44 billion acquisition, as his layoffs have also included many engineers responsible for fixing and preventing bugs. service outages, sources told Reuters.
Last week, Twitter experienced a glitch that prevented thousands of users from accessing links, its sixth major outage since the start of the year, according to Internet watchdog group NetBlocks.
Regarding the state of the accounts, the billionaire pointed out that Twitter was in a situation of negative cash flow of 3,000 million dollars and that he had to take drastic measures, in reference to his layoffs on a large scale.
“We could be cash flow positive this quarter if things go well,” he said in the interview that drew more than 3 million listeners, adding that the company currently has historically high user numbers.
Musk has previously claimed that the massive decline in social media ad revenue was due to the cyclical nature of ad spending and that some of it was “political.” On Wednesday he said that most of his 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 CEO.
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