Twitter CEO Elon Musk on Wednesday said the social media business is "roughly breaking even" after a large number of advertisers came back and cost-cutting measures proved successful.
Elon Musk has disclosed that Twitter has substantially reduced its workforce from under 8,000 to 1,500. Almost 80% of the workforce has been affected by this downsizing.
The tech mogul also revealed that the social networking site had just four months to survive before it went bankrupt due to a "$3 billion negative cash flow" issue that Elon Musk faced when he bought it.
He has subsequently reorganized Twitter, removing key executives, cutting positions, and changing how credentials are verified or branded, according to CNN.
Despite Elon Musk's $44 billion purchase of Twitter, the social media network has been in disarray and unpredictability, including firing numerous engineers who were in charge of maintaining and avoiding service failures, according to Reuters.
NetBlocks, an organization that monitors the functioning of the internet, reports that Twitter had its sixth significant outage of the year recently, preventing many users from accessing links.
Elon Musk is Open To Sell Twitter
Elon Musk noted that the platform's usage has increased and that Twitter is functioning correctly, indicating that things are going relatively well, per his BBC interview.
However, he characterized his time as Twitter's CEO as "quite painful" and "a rollercoaster." The business magnate said that should the proper buyer emerge, he would be open to selling the firm.
Elon Musk, who also founded Tesla Motors and SpaceX, purchased Twitter in October last year. He acknowledged, however, that he only followed through with the acquisition because a court was on the brink of compelling him to do so.
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