Shulou(Shulou.com)11/24 Report--

CTOnews.com Twitter CEO Elon Musk said Sunday that the past few months have been "very tough," but he said the social media company "has a tendency to break even right now."

Musk, who is also CEO of Tesla and SpaceX, tweeted that he had to "save Twitter from bankruptcy" while fulfilling his duties at other companies.

"I don't want anyone to suffer like this," he wrote. Twitter still has challenges, but if we stick with it, its trend right now is to break even. Many thanks to the public for their support! "

Since buying the company for $44 billion late last year, it has been a bumpy acquisition for Musk. Platformer reports that Twitter's daily revenue fell 40% year-over-year in January 2023, and hundreds of Twitter's top advertisers have stopped or scaled back spending. According to Reuters, one company estimated that Twitter's ad revenue fell as much as 70% in December from a year earlier.

Some of the changes Musk implemented on Twitter, such as restoring the accounts of controversial figures, including Andrew Angling, the founder of the neo-Nazi website, led to the brand leaving the platform and caused strong dissatisfaction among civil rights leaders.

Musk acknowledged in a November tweet that the company suffered a "significant drop in revenue" after advertisers suspended spending on social media platforms.

In late 2022, Musk claimed in an episode of the All-In podcast that Twitter was no longer "in the fast lane of bankruptcy," but that it was still not "safe."

Since Elon Musk took over, Twitter has been sued for failing to pay various partners, suppliers and former employees. For example, Florida-based private jet services sued Twitter for failing to pay $197,725 for its transportation services. In another case, the landlord of Twitter's San Francisco headquarters office sued the company for allegedly failing to pay rent of approximately $6.8 million in December and January.

Under Musk's management, Twitter has cut staff through mass layoffs and internal changes that forced many to resign, including ending the always-at-home policy of former CEO Jack Dorsey.

Labor attorney Shannon Liss-Riordan filed hundreds of arbitration claims and a proposed class action lawsuit against Twitter on behalf of affected employees. According to a January tweet, she argued that former Twitter employees who were laid off or forced to resign deserved more severance pay than Musk's team was offering.

CTOnews.com learned that in addition to cutting costs, the company is also trying to create new revenue streams. In January, Twitter auctioned off everything from kitchen supplies to office equipment. The company also launched a new Twitter Blue subscription service in December, after Musk canceled and delayed it in November. Recently, Musk decided to charge developers for access to the company's APIs and eliminate all free access.

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