Elon Musk Tells X Staff Platform ‘Barely Breaking Even’ Amid Stagnant Growth

Photo : Reuters

Elon Musk bought Twitter, now known as X, and has said the company is in a very tough money situation. Recently, banks that helped Musk buy X are trying to sell off some of the $13 billion they lent him. They did this because they didn’t want to lose money after the economy changed, and because Musk had a long court battle over the deal.

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Some people who invested in the company have lowered the value of their shares by as much as 78%. The banks are trying to sell some of the debt at 90-95% of its value, hoping to make some money. They also think that Musk’s connection to Donald Trump might attract investors who think the company’s financial situation will get better soon.

In an email to X workers, Musk said that the company is growing slowly, its revenue is low, and it is barely making any money. However, he also said that X has played an important role in shaping important national conversations.

Musk has said before that X might start making money soon, but it still owes more than $1 billion in interest every year. X has added new features like job listings and a video section, but it hasn’t yet reached the level Musk hoped for. Musk once said that by the end of 2024, X could help manage someone's entire financial life, but that goal seems far away.

Even with these problems, Musk is still hopeful. He believes the company can start making money soon, but it has a lot of debt to pay off. The future of X depends on whether it can fix its money problems and meet Musk's big goals.