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Twitter was recently on the verge of bankruptcy, but according to Elon Musk, the company’s new owner and CEO, it is no longer on the fast track to financial ruin. In a guest appearance on The All In Pod with David Sacks, Jason, Chamath and Friedberg, Musk stated that he had to take drastic measures to cut costs and sold almost 7 billion in Tesla stock to ensure that Twitter would remain afloat.
Musk’s acquisition of Twitter has been met with mixed reactions, with some praising the move as a savvy business decision and others expressing skepticism about his ability to turn the struggling social media platform around. However, it appears that Musk is taking the task seriously and is willing to do whatever it takes to ensure the long-term viability of the company.
One of the first steps Musk took upon becoming CEO was to conduct a thorough review of Twitter’s financials, identifying areas where the company was bleeding money and implementing changes to address those issues. This included a mass layoff of more than 50% and the sale of non-core assets and even selling kitchen equipment, as well as a focus on streamlining operations and improving efficiency.
Twitter isn’t secure yet, just not in the fast lane to bankruptcy. Still much work to do.
— Elon Musk (@elonmusk) December 25, 2022
Musk also made a number of changes to the way Twitter operates, including introducing new features like paid Twitter blue subscription to get verification on profile and tools to help users better manage their accounts and interact with others on the platform. This has helped to rejuvenate the user base and boost engagement, which in turn has helped to drive up ad revenue and improve the overall financial performance of the company.
Despite these efforts, however, Twitter still faces significant challenges. The social media landscape is constantly evolving, and the company must remain agile and adapt to changing consumer preferences in order to stay relevant. Additionally, Twitter must continue to compete with larger and more well-established players in the industry, such as Facebook and Instagram.
Overall, it seems that Musk’s efforts to turn Twitter around are starting to bear fruit, and the company is no longer on the fast track to bankruptcy. While there is still a long way to go, the future looks bright for Twitter under Musk’s leadership.
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Further Reading...
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Live Follower Count
Net Worth 🥈
~198.4 Billions
As of: 2024-05-04 08:12
Live Follower Count
Net Worth 🥈
~198.4 Billions
As of: 2024-05-04 08:12
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