Elon Musk the CEO of Twitter Inc., in an interview with BBC, said Twitter had just four months to live and so he defended his decision to lay off a huge number of workers.
Elon Musk stated that the social media industry is now "roughly breaking even" and that the majority of its advertisers have returned, leading to a positive impact on the company's cost-cutting measures, resulting in significant layoffs.
Musk mentioned in a live-streamed interview on Twitter Spaces that Twitter now has around 1,500 employees, a significant reduction from the nearly 8,000 staff members it had before he acquired the company for $44 billion in October.
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Insiders who spoke to Reuters revealed that since Musk's acquisition, there had been confusion and uncertainty, with many of the engineers responsible for resolving and preventing service disruptions losing their jobs.
Twitter faced its sixth significant outage since the beginning of the year last week when a problem blocked thousands of users from accessing links, according to internet watchdog group NetBlocks. Musk acknowledged some of the recent issues, including the outages, but claimed they were brief.
Musk attributed Twitter's decline in advertising since his acquisition to the cyclical nature of advertising spending, with some of it being "political." However, he stated on Wednesday that the majority of its advertisers had returned. Musk also noted that Twitter had to take extraordinary measures to address a $3 billion negative cash
