Elon Musk admitted that the last three months have been difficult for him: he saved Twitter from bankruptcy while trying to fulfill his main duties at Tesla and SpaceX. Now, he said, the social network is already "striving to break even". The situation is developing in such a way that daily user numbers and user minutes "are still high," Musk made these admissions on his Twitter account on Sunday.
Commenting on the news, Bloomberg acknowledged that after the purchase of Twitter Musk openly and often spoke about the possibility of bankruptcy of the social network: "Nevertheless, the platform has paid the interest on the debt for the first time, which strengthened confidence in his ability to prevent bankruptcy in the near future".
CNBC in its publication recalled a report published by Platformer: in January 2023, Twitter's daily revenue was down 40% compared to the same period last year.
In general, Twitter's business in these difficult months for Musk was studied and commented on by investors, experts, and users. The last detailed report was published in late January, a research company Pathmatics, which estimated that 14 of the 30 largest advertisers Twitter has stopped all advertising on the platform after Elon Musk took over the social network. Four more advertisers then cut spending by 92%-98.7% compared to the week before Musk's acquisition of Twitter. Overall, according to Pathmatics, ad spending by the top 30 companies fell 42% to about $53.8 million for November and December, despite an increase in spending by the top 6 advertisers. Apple and PepsiCo are among those that have started placing more ads on the social network. Ads are responsible for nearly 90% of Twitter's revenue.
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