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Elon Musk on Twitter cost cutting

Elon Musk on Twitter cost cutting

Elon Musk said he would limit his duties to running Twitter software and server teams. (File)

San Francisco:

Elon Musk said on Wednesday that severe cost-cutting at Twitter had repaired the company̵[ads1]7;s poor finances as he set out to find a new CEO for his troubled social media platform.

The mercurial billionaire told a live chat forum that without the changes, which included firing more than half of Twitter’s staff, the company would have lost $3 billion a year.

“Not good because Twitter has $1 billion in cash. That’s why I spent the last five weeks cutting costs like crazy,” he told Twitter Spaces, a feature of the platform he bought for $44 billion.

“If … you look at it from my point of view … basically you’re in a plane that’s heading for the ground at high speed with the engines on fire and the controls are not working,” he said.

Just weeks after becoming the owner of Twitter, Musk fired about half of his 7,500 employees, sparking concerns that the company was insufficiently staffed to carry out content moderation and intimidate governments and advertisers.

Elon Musk said his strategy was paying off, and that by massively reducing costs and building subscriber revenue, “I now think Twitter will actually be OK next year” and break even.

He added that he understood advertisers were leery of spending on his platform, but blamed their caution on the poor economic outlook and not concerns about content moderation.

He said the new $8 subscription service called Twitter Blue would help make up the difference.

“Because otherwise, how do we pay the fragile server bill,” Musk said, adding that Twitter’s hardware costs about $1.5 billion annually.

Musk defended his policy after he tweeted that he was looking for a new CEO “stupid” enough to replace him.

He said he would then limit his duties to running the software and server teams at Twitter.

This followed a Twitter poll in which Elon Musk asked users if he should continue as the company’s CEO – 57 percent of the vote said he should step down.

Musk has used the Twitter polls to make other decisions on the platform, including the reinstatement of former US President Donald Trump’s account.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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