UNITED STATES: Twitter Inc. CEO Elon Musk stated on Wednesday that the social media firm is “roughly breaking even,” as the majority of its advertisers have returned and its aggressive cost-cutting measures have begun bearing fruit following massive layoffs.
Elon Musk said in an interview that was shown live on Twitter Spaces that Twitter now employs roughly 1,500 people, a significant decrease from the “just under 8,000 staff members” it had in October when he took over the company.
Since Musk acquired Twitter for $44 billion, the social media giant has been plagued by uncertainty and chaos, as its massive layoffs have also included many of the engineers responsible for resolving and avoiding service disruptions, said a source.
Last week, a bug prevented thousands of users from accessing links, making it Twitter’s sixth significant outage since the year’s beginning, as per internet watchdog group NetBlocks.
Musk acknowledged some of the glitches, including the recent outages, but stated they haven’t lasted very long.
“We could be cash flow positive this quarter if things go well,” Musk said in the interview, which attracted more than 3 million listeners, adding that the business is now seeing all-time high user numbers.
Since his takeover, the social media platform has experienced a sharp drop in advertising. That, according to Musk, was caused by the cyclical nature of advertising spending, some of which was “political.” On Wednesday, he said that the majority of its advertisers had returned.
The billionaire, who also owns the electric vehicle manufacturer Tesla (TSLA.O) and the space exploration firm SpaceX, stated he has no one in mind to take over as Twitter’s CEO.
Musk previously stated that it would be “good timing” to hire a new Twitter CEO before the end of this year, but he has come under fire from Tesla investors for how much time he spends managing the social media network.
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