Twitter CEO Elon Musk reportedly said today that the company “has essentially broken even,” mainly because most advertisers have returned and cost-cutting measures are starting to pay off after massive job cuts.
Elon Musk also said Twitter now has about 1,500 employees, down from about 8,000 before he took over last October.
Since Elon Musk bought Twitter for $44 billion, the company has been rife with chaos and uncertainty, and many of the engineers responsible for fixing and preventing service outages have been laid off, people familiar with the matter said.
Just last week, Twitter suffered a vulnerability that left thousands of users unable to access its service, the sixth major outage since the beginning of the year. Elon Musk later acknowledged some of the outages but said they did not last long.
In an interview today, Elon Musk said, “If all goes well, we could be cash flow positive this quarter.”
This is largely due to the return of Twitter advertisers, with Twitter manager Siddharth Rao saying in January that more than 500 advertisers had fled Twitter since Elon Musk took over last October.
In fact, Elon Musk said in February that Twitter had had a tough past few months but was on track to break even, and in March, Elon Musk said that Twitter was on track to break even or even be cash flow positive in the second quarter of the year.
Elon Musk also said today that Twitter has now reached a record number of users. In addition, on the issue of Twitter CEO’s successor, Elon Musk said that he currently does not have a suitable candidate in mind. Elon Musk said in February this year that he hoped to find a successor by the end of the year.