Elon Musk is confident Twitter can break even in the

Elon Musk is confident Twitter can break even in the next quarter

Elon Musk’s speech at the Morgan Stanley conference was related, among other things, to a discussion about the financial performance of the social network Twitter, which he bought for $44 billion at the end of October in order to break even in the next quarter.

    Image source: Reuters, Dado Ruvic

Image source: Reuters, Dado Ruvic

Recall that Elon Musk previously stated that after reforming spending, he put the company on a development path that avoids bankruptcy and intends to appoint a new CEO in his place by the end of this year. Speaking from the podium at this week’s Morgan-Stanley conference, Musk added that it could take several years to fully form a Twitter management team.

Twitter’s 2023 non-debt service costs have been reduced from $4.5 billion to $1.5 billion by the company’s owner. Along the way, the number of Twitter employees was reduced by several thousand people. The annual payment of the loan from Elon Musk’s purchase of Twitter reaches $1.5 billion, as the billionaire himself admitted.

According to Musk, the decline in Twitter’s advertising revenue was due to both cyclical market changes and purely political reasons. The head of the company is determined to introduce a payment system for users of the social network. You will literally be able to send money to each other with just one click. “I think this will probably be the largest financial institution in the world,” explained Elon Musk ambitiously. He sees another important task in making advertising on Twitter pages more targeted.

The Twitter boss thought it appropriate to say that Democrats and Republicans in the US alike trust this social network. In the fourth quarter, the company had 253 million daily active users, which could potentially help monetize the platform. Now Twitter can earn 5-6 cents per hour from each user, and in total they spend 130 million hours on this network every day. The challenge for Twitter management is to increase that revenue to 15 or 20 cents an hour.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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