His social media giant has come to balance income and expenses. Twitteras its new owner and managing director announced yesterday Wednesday, Elon Musk. The tycoon said yesterday Wednesday that he has now reached balancingbecause most of them advertisers of which were abruptly withdrawn due to a change in ownership and mass layoffs, returned. And aggressive cost-cutting policies with these layoffs are starting to pay off. Speaking to the British news network BBC, Elon Musk, in an interview broadcast live on Twitter Spaces, said that around 1,500 people currently work on Twitter. The reduction is obvious and massive, given that in October last year, the staff was about 8,000 people. By the end of that month, he took over the platform himself, acquiring it for $44 billion.

There was widespread volatility and uncertainty at the time, as layoffs included many engineers responsible for repairs and preventing failures, well-informed sources told Reuters. Last week, the Twitter platform crashed, leaving countless users unable to access links. According to Internet monitoring group NetBlocks, this is the sixth major outage since the beginning of the year. However, Elon Musk acknowledged some disruptions, including recent outages, but noted that they did not last long. As for the massive layoffs, the billionaire businessman explained that he took over the company with $3 billion in negative cash flow, so he had to take drastic measures.

“We could have positive cash flow this quarter if all goes well,” he said in an interview that drew over three million listeners, adding that the company currently has the highest user numbers ever.

The platform now employs about 1,500 people, up from 8,000 last October.

Twitter has faced a huge advertising slump since its acquisition. According to Elon Musk, this was due to the cyclical nature of ad spending, some of which was “political”. Yesterday, as part of his interview with the BBC, he added that most of the advertisers have returned. The billionaire, who also runs electric car maker Tesla and rocket company SpaceX, said he’s not thinking about someone replacing him as Twitter CEO. It’s worth noting that the social networking platform has now, as Elon Musk himself said earlier this week, ceased to exist as a separate business after merging with the newly created shell company X Corporation – and this has again sparked speculation about what his plans for the future are. Twitter in the long run.

They were revealed in documents submitted to a California court during a lawsuit hearing against Twitter and its former CEO Jack Dorsey by conservative activist Laura Loomer. Finally, it’s unclear exactly what the mode change means for the platform, although Elon Musk has previously hinted that acquiring it will speed up the creation of X, “the app for everything.”