Elon Musk says he saved Twitter from ‘bankruptcy’, is on track to break even
(Bloomberg) — Elon Musk says Twitter Inc. is “tending to break even” after he had to save it from “bankruptcy”.
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The billionaire said in a tweet on Sunday that the past three months have been “extremely difficult”. He has to rescue the social media platform with accountability at two other companies he oversees — Tesla Inc. and Space Exploration Technologies Corp., or SpaceX.
“Wouldn’t want that pain to happen to anyone,” Musk said.
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Daily user numbers and user minutes “remain strong,” Musk said in a follow-up tweet.
Last year, Musk completed a $44 billion deal for Twitter, giving him control of the company for $54.20 a share. Also last year, he became the first person in history to lose $200 billion of his fortune, according to Bloomberg Billionaire’s Index.
Since taking over, Musk has been open and frequently talked about the potential bankruptcy of Twitter. However, the platform made its first interest payment on a $12.5 billion debt its new owners used to keep private last year, bolstering confidence in its ability to stave off bankruptcy. next time.
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