Highlights:
- Musk revealed that Twitter was incurring a loss of $4 million each day.
- Access to Twitter’s API would be chargeable.
- Ever since Elon Musk acquired Twitter, the platform has witnessed numerous changes.
Twitter and Tesla CEO Elon Musk has been battling an extremely tough last three months as he had to save Twitter from bankruptcy and carry out his responsibilities at Tesla and SpaceX. Musk took to his Twitter account to narrate his ordeal with the microblogging platform.
His tweet read, “The past three months have been tremendously difficult because we had to keep Tesla and SpaceX operating while also saving Twitter from bankruptcy. Wouldn’t wish that pain on anyone.”
He acknowledged that Twitter still encounters challenges but is gradually nearing breakeven. “Support from the public is appreciated”, he added.
One week following the company’s $44 billion (approximately Rs. 3.6 lakh crore) acquisition of Twitter in October, Musk bemoaned the company’s “huge loss in revenue. A Fox Business article reported that he pinned it to “activist groups lobbying advertisers”. The article further suggests that Musk has made several changes to the platform ever since.
At the recent Tesla trial and on Twitter, Elon Musk gives a glimpse into the personal challenges of a billionaire executive https://t.co/jW45CZDWt6
— The Wall Street Journal (@WSJ) February 5, 2023
According to Fox Business, Elon Musk has downsized Twitter’s workforce by almost half, launched a redesigned Twitter Blue subscription service, and even auctioned artefacts from the company’s San Francisco headquarters. In November, he justified Twitter’s layoffs by stating that the firm was losing $4 million (about Rs 33 crore) every day.
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Recently Twitter has stated that it will begin charging a fee for access to its API, which developers use to create third-party services. He said, “Next week, the image length crop will be fixed, and the bookmark button will go to the tweet details page alongside fixing other minor bugs.”
