Elon Musk says Twitter is ‘no longer in the fast lane to bankruptcy’

Elon Musk says Twitter is “no longer in the fast lane to bankruptcy”, but admits there is “still a lot of work to do”.

Since taking control of the social networking platform in October, paid $44 billion (£38 billion) for itMusk has not had an easy journey.

As concerns grew about the platform’s direction and its ability to pay off the $10.8 billion debt it had undertaken to buy it, it made a series of controversial policy decisions and lost many major advertisers.

Last month, within two weeks of acquiring the company, Twitter warned its employees that the company “will not survive the impending economic downturn”..

He told All-In in a podcast that aired over the weekend: “It was pretty fast… It has had its ups and downs to say the least, but overall it seems to be going in a good direction.

“We have reasonably controlled spending, so the company is no longer in the fast lane heading for bankruptcy.”

He later added in a tweet: “Twitter isn’t safe yet, it’s just not in the fast lane going bankrupt. There’s still a lot of work to be done.”

‘My error rate will be less over time’

He also promised the podcast that “there will be fewer blunders in the future.”

“If you’re going to swing for fences, you’re going to hit some more,” he said.

“But here on Twitter we’re going to swing for the fence and we’re going to do it fast.

“My error rate and being kind of cocky will be less with time but we’re going to make a lot more mistakes in the beginning because I’m new… hey, I just got here man.

“If you look at the actual amount of improvement happening on Twitter, in terms of having non-crazy costs and shipping product that’s well balanced, I think that’s great – we’re doing well and getting things done.”

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Musk, one of the richest people in the world, also owns SpaceX and Tesla.

Tesla investors recently expressed concerns that their loyalty to the electric car maker may suffer due to the amount of time he spends on Twitter.

Tesla stock has lost nearly 70% of its value this year, and Musk has sold billions of dollars worth of his own holding in the company.

a few days ago he said he fears a serious recession next year and had sold stock to “make sure it was dry powder…to account for the worst-case scenario”.

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