Elon Musk Says He 'Saved' Twitter From BankruptcyThe billionaire says the last few months were a "pain" he would not "wish on anyone."
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Elon Musk — who purchased Twitter inOctoberfor $44 billion — now says thatthe company is close to breaking even.
"Last 3 months were extremely tough, as had to save Twitter from bankruptcy, while fulfilling essential Tesla & SpaceX duties. Wouldn't wish that pain on anyone," he wrote in aTweet.
He added that the company still has "challenges" but is now "trending to breakeven."
Related:San Francisco Orders Twitter to Stop Using Conference Rooms as Bedrooms or Get a New Permit
However, Twitter is now a private company, which means it does not have to complete filings with the U.S. Securities and Exchange Commission, and, therefore, there is no objective means to evaluate Musk's claims.
In December, MuskdescribedTwitter as previously having been on "the fast lane to bankruptcy." The company's financial reports showed it had not made a profit since 2019, per theWall Street Journal. Musk also took on debt financing to buy the company.
Musk then set about cutting costs amid a difficultenvironmentfor tech workers. He laid off about half of Twitter's staff and dramatically altered its culture,removingwork-from-home and a monthly, company-wide, paid day off, and telling employees they needed to be "extremely hardcore."
Remaining employees are reportedlysleepingin the office, and lawsuits from former employees are piling up,per the BBC.
One laid-off Twitter employee, who is attempting legal action, told the BBC that Twitter's purpose "went to garbage when Elon bought the company."
He has alsoreportedlystopped paying the company's rent. A few entities, including a marketingcompany, alandlord在旧金山,UK's Crown Estatehave come after the company for what they have said is Twitter not paying its bills.
Related:Twitter Sued for Unpaid Rent at San Francisco HQ Following Musk Takeover
Musk's Tweet was in response to aWSJarticle that used Musk's testimony in a recent, unrelated trial from a Tesla, as well as other public statements, to discuss the CEO's notoriously punishing schedule — over 120 hours of work a week, Musk has said, and his complaints of intense back pain.
