Twitter is not doing well so far
Lucy Cutts, investment director at JM Finn, told BBC Today that Elon Musk could improve Twitter significantly, “but it will take longer.”
But unfortunately, Musk is left with $13 billion in debt by the end of July, so we could see more pressure on Tesla shares if he has to sell more of his stake in the company.
Elon Musk is $13 billion in debt because of Twitter.
Elon Musk confirmed that Twitter didn’t see the increase in sales that was expected in June, but added that July is “a little more promising.”
Musk fired about half of Twitter’s 7,500 employees when he took over the company to cut costs. He confirmed that Twitter has lost nearly half of its ad revenue since the billionaire acquired the service for $44 billion.
Earlier it was reported that Twitter’s cash flow remains negative, the company has large debts. Elon Musk said that he cannot afford any luxury yet.
Twitter rival Threads now has about 150 million users, according to the latest data. Connecting with Instagram* gives Threads access to a potential two billion users.
* Instagram is owned by Meta Platforms, which was recognized as an extremist organization in Russia and banned.
