From PC Mag: Twitter has endured a tumultuous three months under new owner Elon Musk, but the company may be close to finding some financial stability.
On Sunday, Musk tweeted: “Twitter still has challenges, but is now trending to break even if we keep at it. Public support is much appreciated!”
Weeks before, Musk had been warning that Twitter was facing a financial crisis that could lead the company to file for bankruptcy. In December, he said Twitter was at risk of losing about $3 billion “in negative cash flow per year" unless drastic changes were made. (Even before he acquired the social media platform, the company historically had failed to post a profit.)
To turn things around, Musk has laid off and fired about 70% of Twitter’s staff and also shut down some of the company’s offices and data centers. He’s also been trying to pull in revenue with Twitter Blue, the company’s $8-per-month subscription service. But the same overhaul has also caused some chaos, and may have turned off many advertisers —the main revenue source for the social media platform.
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