Twitter owner, Elon Musk, said he had a tough time over the last 3 months trying to rescue the company he bought for $44 billion from bankruptcy.
The billionaire said it was tougher because he also had to combine that with carrying out his duties as the CEO of Tesla and SpaceX.
While noting that Twitter is now regaining its balance and moving towards a breakeven, he said the company still faces challenges.
Not financially healthy yet: While appreciating the public support he received since he acquired the company, Musk tweeted:
- “The 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 break even if we keep at it. Public support is much appreciated!
- “To be extra clear, Twitter is definitely not financially healthy yet but is trending to be so. Lots of work is still needed to get there.”
Sweeping changes at Twitter: Since he took over the social media company in October last year, Elon Musk has announced and implemented a number of changes in the company’s operations. One such change was the cancellation of Twitter’s legacy verification process, replacing it with a paid subscription at $8 per month for Android and web users and $11 per month for iPhone users. The subscription package comes with fewer ads for the subscribers and the blue check.
- Musk has disclosed that the company will be becoming up with a higher package this year, which will require subscribers who want to pay more to see zero ads on their timeline.
- The Twitter CEO has also effected changes in the company’s ad policies to attract more adverts.
- Just last week, he announced an opportunity for content creators on Twitter to make money from threads through Twitter ad revenue-sharing programme.
- With this, Musk is pushing Twitter to compete with the likes of YouTube and TikTok and wants to attract more people to the platform.