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Elon Musk Is Finally Running Out of Gas at Twitter

 1 year ago
source link: https://finance.yahoo.com/news/elon-musk-finally-running-gas-100020981.html
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Elon Musk Is Finally Running Out of Gas at Twitter

Kurt Wagner
Wed, December 21, 2022, 7:00 PM GMT+9·6 min read
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Elon Musk Is Finally Running Out of Gas at Twitter

(Bloomberg) -- Elon Musk, Twitter Inc.’s new owner and until recently the world’s richest person, has spent most of the past two months pouring his time, energy and finances into the highest-profile social network on the internet. But finally, Musk seems to be running out of gas.

Most Read from Bloomberg

On Tuesday evening, he announced plans to find someone else to run the company. He was adhering to the results of his own Twitter poll, which showed almost 58% of voters wanted him to step down.

During the 12-hour window that the poll stayed open, Musk tweeted relentlessly, coming across like a man worn down and skeptical that the company he paid $44 billion for just two months ago can even sustain operations.

“The question is not finding a CEO,” he wrote shortly after the poll started Sunday afternoon. “The question is finding a CEO who can keep Twitter alive.” When Lex Fridman, the popular AI researcher and podcaster, offered to run Twitter on Musk’s behalf, the CEO replied that Fridman “must like pain a lot.”

“One catch: you have to invest your life savings in Twitter and it has been in the fast lane to bankruptcy since May,” he added. “Still want the job?”

Musk joined Twitter Spaces, the company’s live audio service, after confirming that he would step aside and explained the financial squeeze. He said Twitter had been facing negative cash flow of about $3 billion next year because of its spending plans and interest payments, which is why he spent the past few weeks “cutting costs like crazy.” Now he said the company should be able to get to roughly cash flow breakeven next year. "This will be difficult," he said.

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