CEO of Twitter Elon Musk says that the company has managed to stabilize its finances after being close to bankruptcy. However, the firm is still facing money problems. It turns out that since Musk acquired Twitter, the popular social network has been on the brink of insolvency several times. Musk said he had "extremely tough" three months as he "had to save Twitter from bankruptcy while fulfilling essential Tesla & SpaceX duties." Back in December 2022, the CEO stressed that Twitter was not in the fast lane to bankruptcy. Before that, Musk pinpointed that the microblogging site was like "a plane that's headed towards the ground at high speed, with the engines on fire, and the controls don't work". However, the Twitter chief pledged to save the company by means of layoffs and a cost-cutting spree. It seems that the plan worked out well as the firm evaded bankruptcy. "Wouldn't wish that pain on anyone. Twitter still has challenges, but is now trending to breakeven if we keep at it. Public support is much appreciated," Musk said. He added that he was good with the number of daily active users. However, Musk's statements contrast with the facts. Last month, suffering from financial problems, Twitter held an online auction for its "surplus corporate office assets." It included office furniture and kitchenware. Reportedly, the social media giant decided to pay off part of its $13 billion debt by selling shares.
