Elon Musk Says Twitter No Longer Facing Bankruptcy but Platform Isn’t Secure Yet: “Still Much Work to Do”

• Billionaire businessman, Elon Musk revealed that Twitter was no longer on the fast track toward bankruptcy
• The platform's CEO claimed that Twitter management had brought spending under control
• Musk cautioned that the platform still wasn't secure yet and there was still work to do to keep Twitter running

SAN FRANCISCO - Twitter CEO Elon Musk says Twitter no longer faces the threat of bankruptcy, but the social media platform is not out of the woods yet.

While speaking on the All-in Podcast the tech billionaire said Twitter new management had reigned in spending at the platform and gotten expenses under control.

However, Musk clarified in a follow-up tweet that while spending was under control, there was still a lot of work to do.

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Musk face raised alarms about Twitter going bankrupt in November 2022 in response to a worker's question about what the outcome would be if the CEO didn't increase revenue.

As a solution to the looming bankruptcy Musk began toying with the idea of a subscription service Twitter Blue as a way to funnel revenue into the social media platform.

According to Business Insider, filing for bankruptcy would work in Twitter's favour after Musk loaded the platform with more than $10 billion (R169 billion) of debt to bankroll his $44 billion (R747 billion) buyout.

Social media users react to Elon Musk's announcement of Twitter's finances

Netizens took to social media to praise Elon Musk for his work at Twitter.

Below are some comments:

@JohnnaCrider1 commented:

"Twitter is better than it had been in a while. Loving the new changes! You and the team are making magic."

@bjmcdivitt asked:

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"Elon, merry Christmas. If you wouldn't have bought twitter how long did it have before it was bankrupt?"

@MonradAnne praised:

"I was glad to hear this, you and your teams are doing remarkable work in such a short time."

@wildnatureman added:

"Good thing you’re a businessman and will figure it out."

Elon Musk promises to resign as Twitter CEO after finding a replacement, tweeps celebrate: “Bye space guy”

In another story, Briefly News reported that billionaire business mogul Elon Musk conceded to the results of his recent Twitter poll and said he would eventually step down as the social media platform's CEO.

Earlier this week, Musk issued a Twitter poll asking tweeps if he should resign as CEO. At the end of the poll, more than 17 million had participated, and 57.5% of voters said he should step down.

However, Musk soon reconsidered his decision, backtracked on resigning, and implied that no one wanted the job. The billionaire CEO responded to a tweet by Wall Street Sliver after the account alleged that he had a successor in mind.

Source: Briefly News