![]() Musk claims his efforts saved Twitter from bankruptcy. Musk has since ruthlessly cut costs as CEO of Twitter, cutting about 75% of the company’s workforce and even auctioning off office supplies deemed unnecessary. The first look at the company’s financials stems from the completion of Musk’s $44 billion acquisition of the company in October. Twitter’s revenue, on the other hand, fell 40% in December, the Wall Street Journal reported last week. PayPal, the world’s largest online payments company, handled $1.4 trillion in transactions last year. Musk said he believes it is possible for X/Twitter to become the world’s largest financial institution where app users can transfer money to each other “effortlessly with one click” and earn interest. ![]() One factor Musk shared was his ultimate dream for Twitter: to turn it into an app for everything, a prospect he repeatedly touted late last year.Ī choice inspired by Tencent’s popular WeChat, which allows users in China to hail a cab, buy groceries and schedule appointments. ![]() Which, we recall, took a hit in recent months when numerous advertisers reevaluated their relationship with Twitter after Musk cut the content moderation unit and implemented a number of controversial policies. While Musk spent much of the discussion touting the merits of Twitter advertising, he did not provide any details about revenues from the company’s core business. This would be a real turnaround for Twitter, which lost $270 million in the second quarter of 2022, the last that the company had to publicly declare before Musk took the company private. Musk said this in an hour-long live-streamed interview with Morgan Stanley CEO Michael Grimes. Indeed, Twitter is expected to become cash flow positive during the second quarter.
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