Elon agrees Twitter was about to bankrupt, but now is going toward sustainable profitability

November 17, 2022 By Monica Green

(Image Credit Google)

Elon Musk acknowledged in a tweet that Twitter had been on the verge of insolvency but is now finally moving in the direction of sustainable profitability. The tweet dispelled the myth that he was sabotaging Twitter. Elon Musk, CEO of Tesla, SpaceX, and other companies, bought Twitter last month for $44 billion, according to a story in The New York Times. Many eyes are now focused on him and the actions he is taking to try to turn the business profitable. One of his significant actions was to convert the blue checkmark to a subscription model, requiring users to pay $8 a month in order to be verified. According to Twitter, the $7.99 monthly price is a "introductory offer" for users to receive a blue checkmark on the platform. Elon Musk flatly declines the former T-Mobile CEO's offer to lead Twitter

Elon Musk flatly declines the former T-Mobile CEO's offer to lead Twitter

Elon Musk's extensive layoffs are another action that is currently receiving a lot of flak. Since joining Twitter, the new CEO has fired a number of people, including Parag Agrawal, who succeeded Jack Dorsey as the company's CEO. Due to his decisions to assist Twitter in lowering expenses, Musk has also generated media attention. Among these choices is ending the complimentary dinners, which would enable the business to save an astounding $13 million yearly. Musk responded to criticism of his choice by pointing out that many staff don't even show up to work. Then he added that a daily lunch budget of $400 was required. This meant that despite not being profitable yet, the company was spending millions of dollars too much annually.

Misconception: @elonmusk is destroying Twitter Reality: Twitter was on the path to bankruptcy and is now headed towards sustainable profitability for the first time in its history
— Whole Mars Catalog (@WholeMarsBlog) November 16, 2022

According to a tweet from Whole Mars Catalog, many people believe Elon Musk is killing Twitter. His numerous critics, some of whom even feature stars and celebrities getting off the stage, make this clear. Elon Musk concurred that Twitter was on the verge of insolvency but is now moving in the direction of "sustainable profitability." The Twitter account then stated that, in actuality, Twitter was on the verge of bankruptcy and is now, for the first time, moving towards "sustainable profitability." Elon Msk simply said, "Yep," in accord. Some claim that Musk's actions are motivated by financial gain. Elon Musk has a proven track record of success, even with his earlier businesses like X.com, which evolved into PayPal.

By Monica Green

I am specialised in latest tech and tech discoveries.

Elon agrees Twitter was about to bankrupt, but now is going toward sustainable profitability

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