Bitcoin News and Finance
Elon Musk: Twitter No Longer in Fast Lane to Bankruptcy Skip to main content

Elon Musk: Twitter No Longer in Fast Lane to Bankruptcy

Elon Musk: Twitter No Longer in Fast Lane to Bankruptcy

Tesla CEO and Twitter chief Elon Musk has confirmed that the social media company is no longer “in the fast lane to bankruptcy.” Nonetheless, the billionaire emphasized that there is still much work to do on the platform. “But overall it seems to be going in a good direction.”

Twitter Won’t Go Bankrupt Anytime Soon, Says Elon Musk

Tesla CEO and Twitter chief Elon Musk revealed over the weekend that Twitter will not be filing for bankruptcy anytime soon. He said on the All-In podcast Saturday:

We’ve got the expenses reasonably under control, so the company’s not in the fast lane to bankruptcy anymore.

“It has been quite a roller coaster,” he added. “It has its highs and lows, to say the least, but overall it seems to be going in a good direction.”

Following the podcast, Musk tweeted clarifying that Twitter is not secure yet and there is still “much work to do.”

The Twitter boss further shared on the podcast: “My error rate and sort of being the chief twit will be less over time but, in the beginning, we’ll make a lot more mistakes because I’m new … Hey, I just got here, man.”

He continued: “If you look at the actual amount of improvement that has happened at Twitter in terms of having costs that aren’t insane and shipping product that, on balance, is good, I think that’s great — We’re executing well, and getting things done.”

The billionaire first warned about the prospect of bankruptcy for Twitter just a few weeks after he took over the social media platform. Sharing Twitter’s financial troubles in his first email to Twitter employees in November, he wrote:

The economic picture ahead is dire … Bankruptcy isn’t out of the question.

After purchasing Twitter for about $44 billion at the end of October, Musk immediately made some drastic changes to the platform as he focused on free speech. Soon the company lost half of its top 100 advertisers which made up a large chunk of Twitter’s revenue. Musk has been trying to generate income for the social media company ever since, including charging $8 a month for the Twitter blue checkmark ($11 for iPhone users).

Musk recently promised to step down as head of Twitter. “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams,” he tweeted last week.

Do you think Elon Musk is doing a good job running Twitter? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory