AGL 39.50 Decreased By ▼ -0.50 (-1.25%)
AIRLINK 129.05 Decreased By ▼ -0.01 (-0.01%)
BOP 6.75 No Change ▼ 0.00 (0%)
CNERGY 4.69 Increased By ▲ 0.20 (4.45%)
DCL 8.54 Decreased By ▼ -0.01 (-0.12%)
DFML 41.35 Increased By ▲ 0.53 (1.3%)
DGKC 81.40 Increased By ▲ 0.44 (0.54%)
FCCL 32.95 Increased By ▲ 0.18 (0.55%)
FFBL 74.75 Increased By ▲ 0.32 (0.43%)
FFL 11.85 Increased By ▲ 0.11 (0.94%)
HUBC 109.50 Decreased By ▼ -0.08 (-0.07%)
HUMNL 14.25 Increased By ▲ 0.50 (3.64%)
KEL 5.28 Decreased By ▼ -0.03 (-0.56%)
KOSM 7.67 Decreased By ▼ -0.05 (-0.65%)
MLCF 38.50 Decreased By ▼ -0.10 (-0.26%)
NBP 65.10 Increased By ▲ 1.59 (2.5%)
OGDC 193.50 Decreased By ▼ -1.19 (-0.61%)
PAEL 25.70 Decreased By ▼ -0.01 (-0.04%)
PIBTL 7.38 Decreased By ▼ -0.01 (-0.14%)
PPL 153.00 Decreased By ▼ -2.45 (-1.58%)
PRL 25.55 Decreased By ▼ -0.24 (-0.93%)
PTC 17.50 No Change ▼ 0.00 (0%)
SEARL 79.59 Increased By ▲ 0.94 (1.2%)
TELE 7.81 Decreased By ▼ -0.05 (-0.64%)
TOMCL 33.75 Increased By ▲ 0.02 (0.06%)
TPLP 8.50 Increased By ▲ 0.10 (1.19%)
TREET 16.15 Decreased By ▼ -0.12 (-0.74%)
TRG 57.99 Decreased By ▼ -0.23 (-0.4%)
UNITY 27.68 Increased By ▲ 0.19 (0.69%)
WTL 1.39 No Change ▼ 0.00 (0%)
BR100 10,531 Increased By 86.2 (0.83%)
BR30 31,106 Decreased By -83 (-0.27%)
KSE100 98,787 Increased By 989.1 (1.01%)
KSE30 30,838 Increased By 357.5 (1.17%)

Elon Musk said Twitter Inc is now on track to be “roughly cash flow break-even” next year, as the billionaire owner defended his deep cost-cutting measures at the social media platform.

Twitter was previously tracking toward a “negative cash flow situation of $3 billion per year” before the cost cuts, Musk said on Wednesday while speaking in a Twitter Spaces audio chat.

Since taking over Twitter on Oct. 27, Musk has laid off 50% of the company’s employees and demanded remaining staff commit to long hours and a “hardcore” culture, prompting more employee departures. The controversial moves have rattled advertisers, who contribute 90% of Twitter’s revenue.

“We have an emergency fire drill on our hands,” Musk said. “That’s the reason for my actions.”

Musk to step down as Twitter CEO once he finds ‘someone foolish’ enough as successor

Musk said Twitter was previously on track to spend $5 billion next year. With $12.5 billion in debt due to the acquisition, Twitter was facing a net cash outflow of $6.5 billion with revenue of about $3 billion next year. That amounted to negative cash flow of $3 billion, Musk said.

During the Spaces session, Musk said his “number one priority” was to grow subscriber revenue so it becomes a meaningful part of Twitter’s business, at a time when companies are cutting their advertising budgets in a weak economy.

Twitter currently has a little over 2,000 employees, Musk added.

Comments

Comments are closed.