Elon Musk says Twitter ‘trending to breakeven’ after near bankruptcy

Twitter CEO Elon Musk stated Sunday that the previous couple of months have been “extremely tough,” however the social media firm is “now trending to breakeven.” CNBC was not capable of independently confirm this declare.

Musk, who can be CEO of Tesla and SpaceX, stated in a tweet that he has needed to “save Twitter from bankruptcy” whereas additionally fulfilling his roles at his different corporations.

“Wouldn’t wish that pain on anyone,” he wrote. “Twitter still has challenges, but it is now trending to breakeven if we keep at it. Public support is much appreciated!”

Twitter and Musk didn’t instantly reply to CNBC to a request for remark.

Since buying the corporate for $44 billion late final 12 months, it has been a rocky takeover for “Mr. Tweet,” as Musk lately dubbed himself. Under the billionaire’s administration, Twitter has slashed headcount by means of mass layoffs, different terminations and adjustments that compelled many to resign, together with the top of a work-from-home ceaselessly coverage that had been put in place below former CEO Jack Dorsey.

Twitter launched — and relaunched —  its up to date Twitter Blue subscription service in December after Musk had pulled and delayed the service in November. The firm suffered a “massive drop in revenue,” in accordance with Musk, after advertisers paused spending on the social media platform.

The billionaire has additionally confronted vital shareholder backlash at Tesla for being distracted, for stirring up political controversy together with his technique at Twitter, and for promoting billions of {dollars} price of his Tesla shares to finance his Twitter takeover.

In a tweet Sunday, a Twitter person expressed concern about how a lot Musk has had on his plate.

“I’m worried about me too,” Musk wrote in response.

—CNBC’s Lora Kolodny contributed to this report.