Elon Musk was pretty pessimistic about the future of the social network he just bought for $44 billion a few weeks ago. According to him, Twitter’s vault was empty and the platform was on the verge of bankruptcy. Fortunately, the social network seems to have recovered.
Speaking to the All In podcast, Elon Musk said, ” [Twitter’ın]We got our spending under control, so the company is no longer on the fast track to bankruptcy “. The company’s CEO said in a new tweet that Twitter has not yet been fully recovered, butno longer on the fast track to bankruptcy.
Elon Musk saved Twitter from bankruptcy
Elon Musk implemented various strategies to save Twitter from bankruptcy. The billionaire first launched a new Twitter Blue subscription, billed at $8 per month on the web or $11 per month on iPhone due to Apple’s App Store tax. This subscription specifically allows users to get certificates on the platform, but also have access to special features such as the ability to edit tweets.
Moreover, Elon Musk recently resorted to his personal wealth to finance the disaster. The new CEO recently sold $3.6 billion in Tesla shares, giving the company a lifeline in case of a blow.
The problem is that some investors have expressed their disappointment. Facing Musk’s unpredictability when it comes to stock sales. For example, Elon Musk’s recent actions have had serious consequences for his other businesses, as we saw Tesla go through a dark year in 2022 last weekend.
The company’s value has dropped almost 70% since the start of the year, hitting a 52-week low. only about $121 per share. Yet last January, Tesla’s stock peaked at $400, which is not far from its all-time high reached in early 2021.
