Twitter CEO and billionaire Elon Musk have admitted that he had to "save Twitter from bankruptcy" in the past three months and has asked for public support.
In a tweet, Musk stated that the past three months were rough as he had to "fulfill essential Tesla and SpaceX duties" while saving Twitter. He has made changes to the company since his takeover, including reducing the workforce and introducing new policies. However, Twitter still faces challenges and is "trending to break even" if the company continues on its current trajectory.
Also, there are company assets which are still in the possession of the former employees which Twitter still have to retrieve. Despite these challenges, Twitter recently announced that it would start charging a fee for access to its API. In context with the same, Elon Musk said that he made other changes to the platform, like introducing a revamped subscription service and auctioning off memorabilia from the company's San Francisco headquarters.
According to a report from Fox Business, the social media giant has witnessed a significant decline in revenue after the closing of a USD 44 billion deal. Considering the ongoing revenue status, Elon Musk reduced the total workforce by 50 percent and revamped the microblogging site by introducing a plethora of features. As per the reports, Twitter was losing USD 4 Million a day back in November 2023.
What changes did Elon Musk make at Twitter?
Elon Musk has reduced the workforce at Twitter from 7,000 to around 2,300 people and made a number of policy changes at the company. He also altered facilities offered to employees.
Why is Elon Musk seeking public support for Twitter?
Elon Musk has admitted that the last three months have been challenging as he had to save Twitter from bankruptcy while also fulfilling his duties at Tesla and SpaceX. He is seeking public support to keep the company running and overcome the challenges it still faces.