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Owner and CEO of Twitter Elon Musk He has defended the major changes he has made to the platform since taking over, saying they are aimed at reversing a significant revenue shortfall at the social media company.
Musk said during a Twitter Space chat on Wednesday that the company was headed for a “$3 billion a year negative cash flow situation,” explaining that “that’s why I’ve been cutting costs like crazy for the last five weeks.”
Elon Musk immediately began downsizing Twitter after buying it in late October. (AP Photo/Jay C. Hong, File/AP Newsroom)
The billionaire, who heads electric vehicle behemoth Tesla, began cutting Twitter’s workforce immediately after buying the company in late October. Within weeks, Roughly two-thirds Some of the site’s original 7,500 employees were out of a job.
Musk has made several moves aimed at boosting revenue, including cutting costs at Twitter headquarters and ending some perks and charging users for verification.
Elon Musk believes Twitter will be back on track financially by 2023. (Nathan Stirk/Getty Images/Getty Images)
The new Twitter owner admitted that his actions “sometimes seem fake or weird or whatever,” but he said they were necessary because “we have an emergency fire drill on our hands.”
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Musk said he had to do it tough Changes on Twitter Otherwise the company is headed for disaster. From his vantage point, he said, “it was like being in a plane with the engine on fire, the controls not working, and heading toward the ground at high speed.”
Twitter owner Elon Musk has made significant changes to the site since taking over last month. (Omar Marques/SOPA Images/LightRocket via Getty Images/Getty Images)
But now he believes Twitter should be back on track financially by 2023.
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“With the changes we’re making here in terms of dramatically reducing the burn rate and building subscriber revenue, I think Twitter is going to be really OK next year,” Musk said during the space discussion. “I think … roughly the liquidity break-even is what I expect next year.”
Earlier this week, Musk said he would step down as Twitter’s CEO after Twitter users voted in a poll for him to step down.
Reuters contributed to this report.
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