Elon Musk says Twitter has avoided bankruptcy
Elon Musk claims that Twitter Inc. is "trending to breakeven" after rescuing it from "bankruptcy." The billionaire stated in a tweet on Sunday that the previous three months had been "extremely difficult." He had to balance his obligations at Tesla Inc. and Space Exploration Technologies Corp., or SpaceX, with the rescue of the social-media platform.
Elon Musk says Twitter has avoided bankruptcy
Elon Musk claims that Twitter Inc. is “trending to breakeven” after rescuing it from “bankruptcy.”
The billionaire stated in a tweet on Sunday that the previous three months had been “extremely difficult.”
He had to balance his obligations at Tesla Inc. and Space Exploration Technologies Corp., or SpaceX, with the rescue of the social-media platform.
“Wouldn’t wish that pain on anyone,” Musk said.
Last 3 months were extremely tough, as had to save Twitter from bankruptcy, while fulfilling essential Tesla & SpaceX duties. Wouldn’t wish that pain on anyone.
— Elon Musk (@elonmusk) February 5, 2023
Twitter still has challenges, but is now trending to breakeven if we keep at it. Public support is much appreciated!
The daily user numbers and user minutes are “still strong,” Musk stated in a subsequent tweet.
Musk finalised a $44 billion bid for Twitter last year, giving him ownership of the firm for $54.20 per share.
Also last year, according to the Bloomberg Billionaire’s Index, he became the first person in history to have $200 billion deducted off his fortune.
Since the buyout, Musk has publicly and regularly discussed the potential of Twitter going bankrupt.
Nonetheless, the platform made its first interest payment on the $12.5 billion in debt used to take it private last year, boosting confidence in the new owner’s capacity to avoid bankruptcy in the short future.
