There are a lot of “ifs” that would have to pan out if Musk is to stave off bankruptcy and the loss of the $US23 billion he already has exposed to Twitter’s fate.
Elon Musk is looking for “someone foolish enough to take the job” to replace him as chief executive of Twitter. Musk’s description of the state of Twitter’s finances suggests that the person would need to be a masochist, or delusional.
With Tesla struggling to meet its production targets for this year, and cutting prices in China and offering significant financial incentives in the US to generate sales while facing ever-increasing competition from far larger companies in the electric vehicle sector, Tesla can’t afford an absentee CEO.
This year, Musk said at the Twitter Spaces event, the business was on track to incur $US3 billion of negative cash flows. It was losing $US4 million a day last month. “That is why I spent the last five weeks cutting costs like crazy,” he said. Musk has sacked about 5000 of the 7500 Twitter employees he inherited.
While adding substantially to Twitter’s debt and its interest costs Musk has also decimated Twitter’s revenues with his commitment to his definition of free speech. He got rid of the platform’s small army of content moderators and reopened the platform to users previously banned, including Donald Trump.
The alternative would be to find new sources of revenue. The $US8 a month per user revenue from his launched, pulled and relaunched Twitter Blue subscription offer will be immaterial unless Musk can drive a massive uptake.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk breaks silence after 10 million Twitter users vote for him to step downThe billionaire says only paid Twitter Blue subscribers will be able to vote in future policy-related polls on the platform
Read more »
Elon Musk was never a liberal, and his plans for Twitter were never benevolent | Thomas ZimmerTech barons’ lip-service to democracy and pluralism was always conditional on preserving their own positions at the top
Read more »
Musk says he will step down as Twitter CEOElon Musk has declared he will step down as CEO of Twitter once he finds 'someone foolish enough to take the job'.
Read more »
Replacing Elon Musk as Twitter CEO is going to be ‘really tricky’Sky News contributor Kosha Gada says the Twitter CEO role is going to be a “really tricky” job to fill, following Elon Musk deciding to resign. “It requires somebody who has the business skillset and a track record as an operator and CEO in the tech world,” Ms Gada told Sky News host James Morrow. “But also simultaneously somebody who deeply, deeply subscribes to and believes in the principle of free speech.”
Read more »
Musk says he will step down as Twitter CEOThe billionaire says he will step down after he finds “someone foolish enough to take the job”.
Read more »
Musk says he will step down as Twitter CEOThe billionaire says he will step down after he finds “someone foolish enough to take the job”.
Read more »