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Tuesday, January 31, 2023
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Musk justifies the layoffs on Twitter for the losses prior to his arrival

Date: January 31, 2023 Time: 07:27:21

Elon Musk justifies layoffs of more than half of Twitter’s staff, saying the platform was on track to hit $3 billion in negative cash flow before he bought it. “This is why he spent the last five weeks cutting costs like crazy,” Musk said during a live on Twitter that Bloomberg has picked up.

“This company is like being in a plane that is heading towards the ground at high speed, with the engines on fire and the controls not working,” he added. Since he took over the company for $44 billion-of which almost

According to the most current, Musk is waiting to find “someone dumb enough to accept the position” so that he can resign, although he has predicted that Twitter will be fine for next year, after a possible income of 3,000 million lares. on your balance sheet.

On the other hand, according to estimates compiled by Bloomberg throughout this fiscal year and before the closing of the transaction on October 28, through which Musk took the company private, Twitter was on track to record sales of around 5,200 million .

In the face of these controversies, Tesla’s shares have come under pressure, as, according to the outlet, the billionaire’s distractions have been able to divert his attention from the automaker, in addition to the sales of billions of dollars in shares throughout the last two months.

That is why investors are watching Musk’s position regarding Twitter and his possible intention to pay off the platform’s debt. And while the shares were up 2.7% on the New York Stock Exchange before the listing and after the reduction announcement, Tesla’s holdings are ultimately down 61% year-to-date.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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