Elon Musk says Twitter Inc is “trending to breakeven” to save it from “bankruptcy”.
The billionaire said in a tweet on Sunday that the past three months had been “extremely difficult”. He had to juggle the rescue of the social-media platform with responsibilities overseeing two other companies — Tesla Inc and Space Exploration Technologies Corp, or SpaceX.
Musk said, “I would not wish this pain to anyone.”
Daily user count and user minutes are “still strong,” Musk said in a follow-up tweet.
Musk completed a $44 billion deal for Twitter last year, which gave him control of the company at $54.20 a share. Also last year, he became the first person in history to have $200 billion wiped from his wealth, according to the Bloomberg Billionaires Index.
Since the acquisition, Musk has spoken openly and frequently about the possibility of bankruptcy for Twitter. Nevertheless, the platform made its first interest payment on a $12.5 billion loan that the new owner took private last year, boosting confidence in their ability to avert bankruptcy in the near term.
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