2023-12-04 10:11:00
Elon Musk plays arsonist firefighter
The American billionaire is aware of the current situation, as evidenced by his recent statements during an interview in New York. He notably indicated that if the company failed, it would be linked to the boycott of advertisers, even suggesting that this might lead the social network to bankruptcy. This is all the more worrying given that Elon Musk has a conflicting relationship with certain large companies, which will not facilitate the return of advertisers.
Jasmine Enberg, senior analyst at Insider Intelligence, points out that you don’t have to be a social media expert to understand that public and personal attacks on advertisers and the companies that fund X .com are not good for business.
Thus, while revenues amounted to around $4 billion in 2022, they fell to $1.9 billion in 2023, according to estimates from Insider Intelligence. To mitigate these losses, Elon Musk took drastic measures by laying off the vast majority of employees. However, the $13 billion loan taken out for the Twitter buyout has a significant impact on the company’s finances. Archyde.com specifies that the company must pay annual interest amounting to 1.2 billion dollars.
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