Twitter Inc. CEO Elon Musk said on Wednesday the social media company is “roughly breaking even,” as most of its advertisers have returned and its cost-cutting efforts have started bearing fruit after massive layoffs.
Musk, in an interview with BBC broadcast live on Twitter Spaces, said Twitter has about 1,500 employees now, a sharp decline from “just under 8,000 staff members” it had before he took it over in October.
He says Twitter was in a $3 billion negative cash flow situation and had to take drastic actions, referring to its large-scale layoffs.
“We could be cash-flow positive this quarter if things go well,” he said in the interview that attracted more than 3 million listeners, adding the company currently has all-time high user numbers.
Twitter has been hit by a decline in advertising since his acquisition.
Musk had said that was due to the cyclical nature of ad spending and some of which was “political.” He said on Wednesday most of its advertisers have returned.
The billionaire, who also runs electronic car maker Tesla and rocket company SpaceX, said he has no one in mind to succeed him as Twitter’s chief executive.
Musk had previously said the end of this year would be “good timing” to find a new Twitter CEO.
