Musk saves Twitter from bankruptcy - company begins repaying $12.5bn loan and moves towards break-even
American billionaire Elon Musk has boasted that he was able to save Twitter, which he bought last autumn, from bankruptcy. He also noted that visits to the social network are still at a high level.
Here's What We Know
Elon Musk bought Twitter in October last year for $44 billion. The company was recently able to successfully make the first payment on a $12.5 billion loan. This has boosted investor confidence that Twitter will be able to avoid bankruptcy in the short term.
The last 3 months have been extremely tough, as had to save Twitter from bankruptcy, while fulfilling essential Tesla & SpaceX duties. Wouldn't wish that pain on anyone.
- Elon Musk (@elonmusk) February 5, 2023
Twitter still has challenges, but is now trending to breakeven if we keep at it. Public support is much appreciated!
Musk traditionally reported on successes just on social networking site Twitter. The billionaire noted that the past three months were difficult, and the result of his hard work was saving the company from bankruptcy. At the same time Elon Musk had time to perform his duties at SpaceX and Tesla.
Twitter's new CEO does not deny that the company still has a lot of difficulties to overcome. He added that in case of maintaining previous pace Twitter may reach breakeven level.
