Elon Musk, the CEO of Tesla and the head of Twitter, has stated that the social media giant is no longer “in the fast lane to bankruptcy.” The billionaire did underline that there is still a lot of work to be done on the platform, though. But overall, things appear to be moving in the right direction.
Elon Musk stated over the weekend that Twitter would not be filing for bankruptcy anytime soon. “We’ve got the expenses reasonably under control, so the company’s not in the fast lane to bankruptcy anymore,” he said on the All-In podcast on Saturday.
“It has been quite a roller coaster,” he added. “It has its highs and lows, to say the least, but overall it seems to be going in a good direction.”
Musk tweeted a clarification after the podcast, stating that there is still “much work to do” and that Twitter is not yet secure.
Twitter CEO added to the podcast: “We’ll make a lot more mistakes in the beginning because I’m new, but over time my error rate and sort of being the chief twit will be less. Hey, I just got here, man.”
“If you look at the actual amount of improvement that has happened at Twitter in terms of having costs that aren’t insane and shipping product that, on balance, is good, I think that’s great — We’re executing well, and getting things done,” he continued.
Just a few weeks after he took full control of the social media company, the billionaire issued his first cautionary statement regarding the possibility of bankruptcy for Twitter.
In his initial email to Twitter staff in November, he disclosed the company’s financial difficulties, noting: “The economic picture ahead is dire … Bankruptcy isn’t out of the question.”
Musk focused on free speech when he bought Twitter at the end of October, making significant changes to the platform. As a result, the company soon lost half of its top 100 advertisers, who contributed significantly to Twitter’s income.
Since then, Musk has made an effort to monetize the social media network, notably by charging $8 (or $11 for iPhone users) each month for the Twitter blue checkmark.
Musk has recently declared his decision to leave his position as Twitter CEO. “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams,” he tweeted last week.
