The CEO of Twitter, Elon Musk, has stated that the social media company is “roughly breaking even” as most of its advertisers have come back and its cost-cutting efforts have started yielding fruit after huge layoffs.
In a recent interview with the BBC broadcast live on Twitter Spaces, Musk said Twitter has about 1,500 employees, a huge reduction from “just under 8,000 staff members” it had before he acquired the company in October.
Twitter has encountered chaos and uncertainty since the $44bn acquisition by Musk, as its downsizing has also included many engineers responsible for fixing and preventing service outages.
Not long ago, Twitter encountered a bug that prevented thousands of users from accessing links, its sixth major outage since the start of the year, according to NetBlocks.
Musk confirmed some glitches which include recent outages, but revealed they did not last long.
While talking about its huge layoffs, Musk said Twitter was in a $3bn negative cash flow situation and had to take drastic action.
He said: “We could be cash flow positive this quarter if things go well.”
He added that the company has all-time high user numbers.
Twitter has encountered a huge decline in advertising since Musk took over.
Musk said the decline was due to the cyclical nature of ad spending and some of which was “political” and that most of its advertisers have returned.
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