According to famous billionaire Elon Musk, Twitter is unlikely to go bankrupt in the near term. However, back in November 2022, the head of Tesla and SpaceX anticipated the opposite.
Musk believes that Twitter’s bankruptcy is possible only if the company’s costs outweigh its revenues. At the moment, the firm is far from such a scenario, the businessman claims.
“Twitter isn't secure yet, just not in the fast lane to bankruptcy. Still much work to do,” the American entrepreneur tweeted.
As reported by the Information in November 2022, the head of Twitter raised the possibility of the social media platform going bankrupt. According to the publication, Musk said that the company could face a multi-billion dollar outflow in 2023.
Notably, in late October 2022, the billionaire completed his $44 billion acquisition of Twitter. Having headed the company, he re-elected the board of directors and launched a series of reforms to the social network. In particular, the business magnate initiated an amnesty for blocked users and introduced a new paid subscription service.
In early November, Musk laid off half its workforce, Reuters said. Among those gutted, there were teams responsible for communications, content curation, machine learning ethics, as well as product promotion and engineering.
In December, the entrepreneur turned to users by launching a poll asking if he should step down as the head of Twitter. Musk promised to abide by the results of the poll. As a result, more than 50% of respondents called on him to leave the post of the network's chief executive.
