Musk Declares Good Economic Performance on Twitter in Q2
2023.03.07 15:45
Musk Declares Good Economic Performance on Twitter in Q2
By Tiffany Smith
Budrigannews.com – As costs have been reduced and users have increased, Twitter CEO Elon Musk stated on Tuesday that the company has “a shot” at being cash flow positive in the upcoming quarter.
Musk said during a webcast investor conference that it was “startling” how little money Twitter made from its messaging service.
Under Musk’s leadership, the company has drastically reduced expenses, including layoffs. He also mentioned the cash flow-positive goal when he talked about efforts to reduce expenditures, or cash burn.
Since the billionaire, who is also the CEO of Tesla, joined the social media platform, there has been a lot of chaos and uncertainty. In October, TSLA) Inc. purchased Twitter for $44 billion. According to the internet watchdog organization NetBlocks, Twitter experienced its sixth major outage of the year on Monday when a bug prevented thousands of users from accessing links.
Musk said Monday’s outage was a “catastrophic” change for everyone, despite the fact that it was only intended to affect 1% of users. He added that engineers were “cleaning up” the Twitter software code a lot in general.
Since Musk’s acquisition, there have been numerous concerns regarding Twitter’s stability. According to sources who spoke with Reuters, many engineers who were in charge of repairing and preventing service outages were among the mass exodus.
Due to the uncertainty regarding Musk’s content moderation strategy, which he has described as “free speech absolutist,” some advertisers have also left Twitter.
On Tuesday he said that liberals and conservatives currently trust Twitter similarly. 253 million daily active users who were “monetizable” used the platform.
Pathmatics by Sensor Tower estimates that the top 30 advertisers on Twitter saw a combined decrease of 42% in ad spending in November and December.
