Top Line

Twitter is closer to profitability, its billionaire owner and CEO Elon Musk claimed in a Tuesday interview, sharing more details about his long-term aspirations for his social media company and a so-called strategy inspired by Chinese tech giant Tencent. Rekindled my hopes for SuperApp.

important facts

- Advertisement -

Musk said in a live-streamed, hour-long interview with Morgan Stanley managing director Michael Grimes that Twitter should be cash-flow positive during the second quarter.

That would be quite a turnaround for Twitter, which posted a $270 million loss in the second quarter of 2022, the last period in which the company had to publicly report earnings before Musk took the company private.

- Advertisement -

While Musk talked a lot about the merits of advertising on Twitter, he didn’t provide any details on revenue from the company’s core business, which has taken a hit in recent months in the form of many advertisers. re-evaluation His dealings with Twitter came after Musk cut the company’s content moderation unit and implemented a number of controversial policies.

One thing Musk did share was his ultimate dream for Twitter: to turn it into his own XEverything app — a possibility he touted repeatedly late last year, fueled by the popularity of Tencent’s WeChat. Will be attracted, which allows users in China to have a cheer. Buy cabs, groceries & book appointments.

Musk said he believed it was possible for “X/Twitter … to become the world’s largest financial institution”, where app users could “seamlessly with one click” wire money to each other and earn interest. Can

main background

PayPal, the world's largest online payment processor, handled $1.4 trillion in transactions last year. Twitter's revenue decreased by 40% in December wall street journal informed of Last week, the first insight into the company's financials since the completion of Musk's $44 billion acquisition of the company in October. Musk has ruthlessly cut costs as CEO of Twitter, slashing the firm's workforce by nearly 75% and even auctioning off office items deemed unnecessary. musk Claim His efforts "saved" Twitter from bankruptcy.

amazing facts

Morgan Stanley is one of Seven banks that provided $12.5 billion in debt financing to Musk for his Twitter purchase. The issue of Twitter's debt repayment did not figure in Tuesday's conversation.

forbes valuation

We estimate Musk's net worth to be $186 billion, making him the second richest person on Earth.

tangent line

Musk sparred with a recently fired Twitter employee in a viral Twitter thread on Monday and Tuesday, apparently suggesting the worker's incompetence left her unable to adequately perform her role.

Kasturi trolls Twitter employee, asks if she was fired and questions worker's disabilityforbes,

If Musk turns Twitter into X - his 'everything app' - this is what it might look likeforbes,