Elon Musk called Twitter "a plane with the engines on fire" and averted a $3 billion crash by letting go of 5,000 of its 7,500 employees.
Elon Musk said on Tuesday night that until he intervened and fired more than half the company, Twitter was on track to have a $3 billion cash flow deficit. Despite everything that is going on, Twitter itself is operating more efficiently and effectively than ever thanks to a huge drop in bot activities.
"That is why I spent the last five weeks cutting costs like crazy," Musk said during a Twitter Spaces event. "This company is like, basically, you are in a plane that is headed toward the ground at high speed with the engines on fire and the controls don’t work."
The state of Twitter’s finances from the horse’s mouth (pls don’t ban me @elonmusk 🐴).
Love this level of transparency. Thanks for hosting @realGeorgeHotz 🌟 pic.twitter.com/NSRvFoZhb0
Musk has been on a mission to cut costs and revamp the social media giant since he paid $44 billion to acquire Twitter in October, financing the deal in part with nearly $13 billio...