Twitter Chief Executive Elon Musk said on Tuesday that the company had “a shot” at being cash flow positive next quarter, as the social media platform has been aggressively cutting costs.
Musk, speaking at a Morgan Stanley investor conference that was webcast, said it was “startling” how poorly Twitter managed to make money off its messaging service.
The company has reduced its non-debt expenditures to $1.5 billion from a projected $4.5 billion in 2023, helped by cutting its cloud services bill by 40% and closing one data centre, Musk said. Twitter has also laid off thousands of employees.
Musk, who is also CEO of electric car maker Tesla, acquired Twitter for $44 billion in October. The company also faces annual interest payments of about $1.5 billion as a result of the debt it took on in the take-private deal, Musk said.
