Is Twitter Going Bankrupt? What Did Elon Musk Say?
Elon Musk, who bought Twitter for $ 44 billion, laid off many people as a first job. Explaining that the company is losing $ 4 million every day, Musk stated that if the cash deficit is not stopped, bankruptcy is also a possibility.
Billionaire businessman Elon Musk, who completed the process of buying Twitter in October, made radical decisions on the platform and laid off many people. Musk finally made important statements about the future of Twitter.
“TWITTER MAY BE BANKRUPT”
Musk said bankruptcy is a possibility if the cash deficit is not stopped. Their balance sheets are getting heavier as they can’t find buyers for the $13 billion loan given to Musk by Wall Street banks. It is not yet clear what Musk will do in the face of this situation.
$4 MILLION DAILY
On the other hand, Elon Musk could not find what he was hoping for on Twitter at the moment. Stating that there was a great decrease in Twitter’s revenues, Musk stated that they lost 4 million dollars a day. “I had no choice but to lose $4 million a day,” Musk said of the layoffs. In the information e-mail sent to the employees regarding the dismissals, it was stated that “We will go through a difficult process for the company to move forward in a healthy way.”
ACTIVIST GROUPS ACCUSED
Also speaking at the investors event he attended in New York, Musk explained the company’s losses as the pressure of activist groups on advertisers. But Twitter’s revenue fell before it took over, according to ad analytics platform MediaRadar. Noting that they did not make any changes in the functioning of Twitter, Musk claimed that it was not right for advertisers to stop spending, and that activists were trying to destroy freedom of expression in America.