Tuesday, March 21, 2023

Does Twitter have to go under bankruptcy protection?

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The Twitter takeover by billionaire Elon Musk is currently causing more concern for the news service than brilliant numbers.

When the South African billionaire Elon Musk acquired the online news service Twitter last April, the company had 7,000 employees. Despite $5.1 billion in revenue in 2022, Twitter has only been in the black twice in the last ten years. That’s why Musk started the red pencil. Twitter currently has 2,300 employees, as Musk himself tweeted on Saturday.

But is the downsizing enough to get the faltering company back on track? An initial interest payment of $300 million is due by the end of January.

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