The chronicle of cost cutting by the new owner of the social network Twitter Elon Musk (Elon Musk) has been following with bated breath since the end of October. According to some estimates, he cut the company’s headcount by a factor of three, and in the real estate leasing industry, it got to the point that landlords have to collect debts through the courts. Musk called the rescue of Twitter from bankruptcy the main result of the past three months.
Image Source: Marlena Sloss, Bloomberg
By tradition, the billionaire shared his feelings in a series of Sunday publications on the pages of his social network. “The last three months have been extremely tough as we have had to bail out Twitter from bankruptcy while simultaneously holding positions at Tesla and SpaceX. No one would wish that kind of pain. Twitter is still struggling, but is now on track to break even if we keep up the momentum. Public support is very important!” Elon Musk wrote this weekend. Later, the billionaire added that the number of users and the time they spend on this social network are still at a high level.
Recently, Twitter also made the first payment on a $12.5 billion loan that Elon Musk pinned on Twitter in preparation for its October deal to buy the company. A group of creditors represented by large banks faced a situation where they failed to realize these debt obligations and had to leave them on their balance sheets. The start of Twitter’s debt payments bolstered investor confidence in the company’s ability to avoid bankruptcy in the short term.
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