Elon Musk discusses Twitter's finances, claims $3B saved

Elon Musk, the billionaire founder behind Tesla and the new owner of Twitter, has taken the time to explain the major changes he has made since taking charge of the social media giant.

During a recent chat on Twitter Spaces, Musk revealed that the company had faced a significant revenue shortfall, leading him to take the difficult decision to cut the majority of Twitter's 7,500 employee workforce, end some of the perks at the headquarters, and begin charging for user verifications.

Musk believes that these changes were necessary to save the company from disaster, and is confident that Twitter will be back on track financially in 2023. He has also stated his intention to resign as CEO once a suitable replacement is found.

Although these changes may have been tough to accept, Musk is convinced that they will benefit the company in the long run. 15-year-olds will now have to pay a small fee to verify their accounts, but they can be sure that it will contribute to the continued success of one of the world's most popular social media platforms.


More from Press Rundown