Twitter CEO Elon Musk said the social media platform is no longer “on the fast track to bankruptcy.” However, he cautioned that there is much work to be done on the platform. “But overall it seems to be moving in a good direction,” he said.
Over the weekend, Musk said on the All-In podcast that the company won’t be filing for bankruptcy anytime soon. He said: “We are controlling costs to a reasonable degree so the company is no longer on the fast lane to bankruptcy. It has been quite a difficult situation. It has had its ups and downs, to say the least, but overall it seems to be going in a good direction.”
After the podcast, Musk wrote that Twitter is still not secure and still has “a lot of work to do.” The Twitter boss also shared on the podcast, “My error rate and kind of being the head tweeter will be less over time, but we’re going to make a lot more mistakes at the beginning because I’m new. Hey, I just got here, man!”
He added: “If you look at the actual improvement that’s happened at Twitter in terms of the cost not being crazy and delivering a product that’s generally good, I think that’s great. We’re doing our jobs well and we’re doing it.” The billionaire first warned of the prospect of Twitter bankruptcy just weeks after taking over the social media platform.
After buying Twitter for about $44 billion in late October, Musk immediately made some drastic changes to the platform, focusing on free speech. The company soon lost half of its top 100 advertisers, which made up a large portion of Twitter’s revenue. Since then, Musk has been trying to generate revenue for the social media company, including charging $8 ($11 for iPhone users) a month for Twitter’s blue tick.