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6 Feb, 2023
1 min time to read

Elon Musk Reports Progress in Reviving Twitter's Finances.

Tesla and SpaceX CEO Elon Musk has taken to Twitter (where else?) to announce that he has saved the social media platform from bankruptcy. The billionaire entrepreneur tweeted that the last three months were "extremely tough," but he was able to balance the rescue of Twitter with his responsibilities at Tesla and SpaceX. Despite the challenges, Musk stated that Twitter is now trending toward breakeven.

Musk completed a $44 billion deal for Twitter last year, giving him control of the company for $54.20 a share. Despite his frequent comments about the possibility of bankruptcy for the platform, Twitter made its first interest payment on the $12.5 billion in debt used to take the company private last year.

In his tweet, Musk also expressed appreciation for public support. He added that daily user count and user minutes on Twitter are "still strong."

wThis announcement from Elon Musk is a positive sign for the future of Twitter, and it will be interesting to see how the platform develops under his leadership.