The CEO of Twitter, Elon Musk stated that the social media company is “roughly breaking even” in term of revenue having cut employees to 1500.
He said this during an interview wirh BBC and broadcasted live on Twitter Spaces.
He attributed this to the return of most of its advertisers and the success of its cost-cutting measures, which have been effective after massive layoffs.
Musk mentioned that Twitter currently has 1,500 employees, a significant decrease from the almost 8,000 staff members it had before he took over in October.
According to sources who spoke to Reuters, chaos and uncertainty have hit Twitter since Elon Musk’s $44 billion acquisition, with the company experiencing numerous layoffs.
It was reported that Twitter’s layoffs included engineers responsible for fixing and preventing service outages.
Internet watchdog group NetBlocks reported that Twitter experienced a bug last week that prevented thousands of users from accessing links.
This marks the sixth major outage that Twitter has experienced since the start of the year.
The billionaire acknowledged that there have been some glitches, including recent outages, but stated that they have not lasted very long.
According to him, Twitter was facing a negative cash flow situation of $3 billion and had to take significant measures, which included carrying out massive layoffs.
Musk said if things went well, the company’s cash flow will be positive in the second quarter.
In his words, “We could be cash-flow positive this quarter if things go well.”
Twitter currently has “all-time high user numbers”, according to the CEO.
Meanwhile, the interview with BBC attracted over 3 million listeners globally
According to reports, Twitter experienced a significant drop in advertising after being acquired by Elon Musk.
Musk attributed this to the cyclical nature of ad spending, as well as some of it being “political.”
However, during an interview on Wednesday, he mentioned that “most of its advertisers have returned” to the platform.
