(p. A8) LONDON — Billionaire Elon Musk told the BBC that running Twitter has been “quite painful” but claimed the social media company is now roughly breaking even after he acquired it late last year.
In an interview also streamed live late Tuesday [April 11, 2023] on Twitter Spaces, Musk discussed his ownership of the online platform, including layoffs, misinformation and his work style.
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After acquiring the platform, Musk carried out mass layoffs as part of cost-cutting efforts. He said Twitter’s workforce was slashed to about 1,500 employees from about 8,000 previously.
“It’s not fun at all,” Musk said. “The company’s going to go bankrupt if we don’t cut costs immediately. This is not a caring-uncaring situation. It’s like if the whole ship sinks, then nobody’s got a job.”
Asked if he regretted buying the company, he said it was something that “needed to be done.”
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(Note: the online version of the story has the date April 12, 2023, and has the same title as the print version.)