Ever since Elon Musk died bought social media platform Twitter, he seems to cause new scandals every day. So he not only fired almost all of the old management staff, but also more than half of the workforce. But that’s not all, he also launched a smear campaign against Apple. Now Elon Musk is trying to justify himself and claims that Twitter has three billion dollars lostif he hadn’t acted quickly.
According to Musk, Twitter would have lost three billion US dollars
According to the new Twitter CEO Elon Musk, the social media platform Twitter would have lost up to three billion US dollars by the end of the calendar year if he had not initiated the radical changes. The 51-year-old revealed this in a Twitter Spaces call. The reason for this is that planned debt repayment with rising interest rates been, so he had to strive for extreme cost reduction:
“Due to the nature of this transaction”, he declares “Where there’s $12.5 billion in debt and the interest rate has skyrocketed […] Is it a negative cash flow scenario where we lose $3 billion a year. This is not good, [besonders] because Twitter only has a billion in cash. That’s why I’ve spent the last five weeks cutting costs like crazy.”
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Musk plans to increase earnings from Twitter
In the future, Elon Musk wants to get the platform back on track financially with the help of new subscription models, such as Twitter Blue, and by increasing advertising revenue.
He hopes to be able to aim for the black zero with the company next year instead of making three billion minus. “[Meine Handlungen] seem unwarranted or strange. It’s because we’re in an exceptional situation, not because I’m naturally moody.”Musk concludes by justifying himself.
Source: dexterto
