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Elon Musk email to X staff: ‘we’re barely breaking even’
User growth is ‘stagnant’ on the platform formerly known as Twitter.
It mentions an email sent to employees this month, also confirmed by The Verge, where the Chief Twit said, “...we’ve witnessed the power of X in shaping national conversations and outcomes,” but also claimed, “Our user growth is stagnant, revenue is unimpressive, and we’re barely breaking even.” Part of the reason Bank of America, Barclays, and Morgan Stanley are holding so much of the debt is from trying to avoid selling at a loss after economic conditions changed, and Musk had an extended court battle attempting to get out of the deal. The platform is increasingly turning into a testing ground for his AI ambitions, as we reported earlier this month, and while X has added some features, like job listings and a new video tab, there’s little sign of the service he’d said would be able to “someone’s entire financial life” by the end of 2024.
Or read this on The Verge
