Twitter is no longer on the fast track to bankruptcy – Featured Bitcoin News

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Tesla CEO and Twitter chief Elon Musk has confirmed that the social media company is no longer “on the fast track to bankruptcy”. Nevertheless, the billionaire pointed out that there is still a lot of work to be done on the platform. “But overall it seems to be going in the right direction.”

Twitter won’t go bankrupt anytime soon, says Elon Musk

Tesla CEO and Twitter chief Elon Musk revealed over the weekend that Twitter won’t be filing for bankruptcy anytime soon. He said on the All-In podcast on Saturday:

We have expenses under reasonable control, so the company is no longer on the fast track to bankruptcy.

“It’s been a roller coaster,” he added. “He has his ups and downs, to say the least, but overall he seems to be heading in the right direction.”

After the podcast, Musk tweeted that Twitter isn’t secure yet and there’s still “a lot of work to do.”

The Twitter boss further shared on the podcast, “My error rate and chief twit status will go down over time but, in the beginning, we’ll make a lot more mistakes because I’m new. Hey, I just arrived, man.”

He continued, “If you look at the actual amount of improvement that’s happened on Twitter in terms of cost which isn’t insane and product shipping which overall is good, I think it’s great. We execute well, and get things done.”

The billionaire first warned of the prospect of Twitter going bankrupt just weeks after taking over the social media platform. Sharing Twitter’s financial troubles in his first email to Twitter employees in November, he wrote:

The coming economic situation is dire Bankruptcy is not out of the question.

After buying Twitter for around $44 billion in late October, Musk immediately made drastic changes to the platform as he focused on free speech. Soon the company lost half of its top 100 advertisers, who made up a large chunk of Twitter’s revenue. Since then, Musk has been trying to generate revenue for the social media company, including charging $8 a month for Twitter’s blue tick ($11 for iPhone users).

Musk recently promised to step down as the head of Twitter. “I will step down as CEO as soon as I find someone dumb enough to take the job! After that I will just lead the software and server teams,” he tweeted last week.

Do you think Elon Musk is doing a good job with Twitter? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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