Elon Musk asserts that he saved Twitter from Bankruptcy
Elon Musk, the CEO of Twitter, says that he had to save Twitter from bankruptcy as the last three months had been extremely tough. In reply to the Wall Street Journal article on the challenges faced by Musk, he tweeted- “Last 3 months were extremely tough, as had to save Twitter from bankruptcy, while fulfilling essential Tesla & SpaceX duties. Wouldn’t wish that pain on anyone. Twitter still has challenges, but is now trending to breakeven if we keep at it. Public support is much appreciated!”
Read More- Elon Musk Announces Revenue Sharing With Twitter Creators
Last 3 months were extremely tough, as had to save Twitter from bankruptcy, while fulfilling essential Tesla & SpaceX duties. Wouldn’t wish that pain on anyone.
Twitter still has challenges, but is now trending to breakeven if we keep at it. Public support is much appreciated!
— Elon Musk (@elonmusk) February 5, 2023
Read More- Elon Musk Tweaks Twitter, 5 Big Changes Rolling-out soon
Musk and Twitter
Elon Musk, the architect of Tesla, CEO of SpaceX, and Twitter, is a man who adorns many hats. In October, he took over Twitter in a massive deal of USD 4 million per day. Since then, he has brought about multiple changes to make the company more profitable. In November, Musk also said that Twitter was losing USD 4 million per day, which led to making some tough decisions and letting go of many employees.
So, what are these changes that Elon Musk has brought to Twitter?
- Massive Lay Offs- Immediately after his taking over, Musk has laid off 50% of its employees.
- Twitter Blue- Musk has been very vocal about the corruption in Twitter’s legacy Blue Verified. His new Blue Verification will be a subscription-based module where you will have to pay $8/month to get the verified status.
- He is looking to share ad revenues with content creators to attract more creators as well as increase ad revenues.
- Musk also said in a tweet that Twitter will provide a free write-only API to bots providing good content. He tweets- “Responding to feedback, Twitter will enable a light, write-only API for bots providing good content that is free”.
- In another tweet, he also said that charging for the API could be a good move. “Just ~$100/month for API access with ID verification will clean things up greatly.”
Yeah, free API is being abused badly right now by bot scammers & opinion manipulators. There’s no verification process or cost, so easy to spin up 100k bots to do bad things.
Just ~$100/month for API access with ID verification will clean things up greatly.
— Elon Musk (@elonmusk) February 2, 2023
Are these changes actually making the company more profitable? Twitter had a “massive drop in revenue,” as claimed by Musk a week after his takeover of the company. His recent changes have been an attempt to rectify this as well as increase the revenues for the company. However, more data is needed to ensure that his changes have increased the revenues.
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