Elon Musk says Twitter is “roughly breaking even,” as advertisers have returned and its aggressive cost-cutting efforts have started to yield results.<\/p>\n\n\n\n
Speaking to the BBC, owner Elon Musk said his cutting strategy has reduced staffing from around 8,000 to just 1,500.<\/p>\n\n\n\n
Musk took over the social media giant last year in a $44 billion buyout.<\/p>\n\n\n\n
Since then, Twitter has been engulfed in chaos, as several engineers<\/a><\/strong> involved in resolving and preventing service outages were let go. <\/p>\n\n\n\n Read More: Twitter faces lawsuit from former executives over unpaid legal fees<\/a><\/strong><\/p>\n\n\n\n Last week, Twitter faced its sixth major outage since the start of the year, when a bug blocked thousands of users from accessing links.<\/p>\n\n\n\n Musk acknowledged certain faults, including recent outages, but said they were short.<\/p>\n\n\n\n He claims Twitter was in a $3 billion negative cash flow crisis, which meant drastic measures like mass layoffs.<\/p>\n\n\n\n Read More: BBC objects to Twitter\u2019s \u2018government-funded media\u2019 label<\/a><\/strong><\/p>\n\n\n\n He said: “We could be cash-flow positive this quarter if things go well.\u201d<\/p>\n\n\n\n After his purchase, Twitter saw significant drop in advertising<\/a><\/strong>.<\/p>\n\n\n\n Musk explained this was due to the cyclical nature of ad spending, some of which was “political.”<\/p>\n\n\n\n On Wednesday, he claimed most of its advertisers had returned.<\/p>\n\n\n\n Need Career Advice?<\/strong> Get employment skills advice at all levels of your career<\/strong><\/a><\/p>\n\n\n\n The billionaire, who also owns electric vehicle company Tesla and rocket firm SpaceX, said he has no one in mind to succeed him as Twitter CEO.<\/p>\n\n\n\n Musk has come under fire from Tesla investors for the time he spends on the social media platform<\/a><\/strong>.<\/p>\n\n\n\n He previously said that finding a new Twitter CEO before the end of this year would be “good timing.”<\/p>\n\n\n\n Source: <\/strong>Reuters<\/strong><\/a><\/p>\n\n\n\n Follow us on YouTube<\/strong><\/a>, Twitter<\/strong><\/a>, LinkedIn<\/strong><\/a>, and Facebook<\/strong><\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Since then, Twitter has been engulfed in chaos, as several engineers involved in resolving and preventing service outages were let go.<\/p>\n","protected":false},"author":5,"featured_media":49992,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1065,2456],"tags":[686,329],"class_list":["post-41026","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-business-news","category-twitter-news","tag-elon-musk","tag-twitter"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts\/41026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/comments?post=41026"}],"version-history":[{"count":0,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts\/41026\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/media\/49992"}],"wp:attachment":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/media?parent=41026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/categories?post=41026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/tags?post=41026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}