After three difficult months - according to Elon Musk - Twitter is now close to breaking even. Musk, who is also the CEO of Tesla and Space X, said in a tweet that he "had to save Twitter from bankruptcy" while fulfilling his duties at his other companies.
He wrote that he wouldn't wish this pain on anyone. "Twitter still has its adventures but is now heading towards a dead end if we keep going like this. The public's support is greatly appreciated!".
Since he took over the business for $44 billion last year, it has been a volatile acquisition for “Mr. Tweet,” a nickname he has recently embraced.
According to Platformer, Twitter's daily revenue fell 40% year-over-year in January 2023, and hundreds of advertisers have stopped or scaled back their spending. The decline in advertising revenue reached 70% in December.
Due to some changes that Musk brought with his arrival, many companies decided to leave the platform.
It should be noted that in late 2022, Musk claimed, in an episode of the All-In podcast, that he is no longer on the verge of bankruptcy but is not yet safe.
However, there have been several lawsuits against Twitter for non-payment by various partners, vendors, and former employees since Elon Musk took over. One of them was a private jet company that sued Twitter for failing to pay $197,725 for their services. Another example was the landlord of the company's San Francisco headquarters, who allegedly failed to pay the company $6.8 million in rent in December and January.
Read also: Twitter: Sued for non-payment of rent at headquarters
As Musk has faced class action lawsuits from aggrieved employees over mass layoffs, internal changes such as ending permanent remote work that had been passed as a policy by former CEO Jack Dorsey, and those who were forced to resign, he has sought to create new revenue streams and is auctioning off everything from kitchenware to office equipment in January 2023.
See also: Twitter: Will charge developers for API access
The company also decided to charge all researchers for access to the API and remove all free access to it, as well as relaunching its Twitter Blue subscription service.
However, Tesla shareholders have complained about Musk for poaching and “borrowing” talent from Tesla to help him at Twitter, as well as for inciting political strife and selling billions of shares to finance the Twitter acquisition. On Sunday, however, a user expressed concern about how much Musk has taken on, and he responded by saying, “I’m worried about me too.”
Proposal: Germany: Twitter sued for failing to control anti-Semitic posts
