Musk claims he saved Twitter from ‘bankruptcy’
Elon Musk on Sunday revealed Twitter Inc. is “trending to breakeven” after he had to save it from “bankruptcy" while asserting that the last three months were “extremely tough.”
In a Tweet, Musk admitted he had to juggle the rescue of the social-media platform with responsibilities at two other companies he oversees — Tesla Inc. and Space Exploration Technologies Corp., or SpaceX.
“Wouldn’t wish that pain on anyone,” Musk said. According to him, daily user count and user minutes are “still strong."
Twitter has been going through upheavals after Musk completed a $44 billion deal for the microblogging site that gave him control of the company for $54.20 a share. Also last year, he became the first person in history to have $200 billion erased from his fortune, according to the Bloomberg Billionaire’s Index.
Since the takeover, Musk has openly and frequently talked about the possibility of bankruptcy for Twitter. Still, the platform made its first interest payment on the $12.5 billion in debt that the new owner used to take it private last year, bolstering confidence in his ability to avert bankruptcy in the near term.