{"id":1784951,"date":"2022-12-23T10:18:33","date_gmt":"2022-12-23T15:18:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1784951"},"modified":"2022-12-23T10:18:35","modified_gmt":"2022-12-23T15:18:35","slug":"engines-on-fire-musk-uses-terrifying-metaphor-to-describe-twitters-finances","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/engines-on-fire-musk-uses-terrifying-metaphor-to-describe-twitters-finances\/","title":{"rendered":"\u2018Engines On Fire\u2019: Musk Uses Terrifying Metaphor To Describe Twitter\u2019s Finances"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fengines-on-fire-musk-uses-terrifying-metaphor-to-describe-twitters-finances%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1784951&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"https:\/\/www.dailywire.com\/news\/how-the-fbi-bought-twitter-long-before-musk-did-and-for-a-much-better-price\/\" target=\"_blank\" rel=\"noopener\">Elon Musk<\/a> painted a dire picture of <a href=\"https:\/\/www.dailywire.com\/news\/how-the-fbi-bought-twitter-long-before-musk-did-and-for-a-much-better-price\/\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>\u2019s balance sheet in a recent chat, likening the platform\u2019s finances to a plane that is about to crash.<\/p>\n<p>Musk, who bought the social media company for $44 billion in October, <a href=\"https:\/\/twitter.com\/TheSonOfWalkley\/status\/1605448523419451392?s=20&#038;t=XMXMHywYlxORcKLg4owcjw\">told a Twitter Spaces group<\/a> it was on a pace to lose $3 billion per year when he took over. That\u2019s one reason, he said, that the workforce was pared down severely.<\/p>\n<p>\u201cThis company is basically [like] you\u2019re in a plane that is headed towards the ground at high speed with the engines on fire and the controls don\u2019t work,\u201d the Tesla and SpaceX founder said Wednesday.<\/p>\n<p>Musk\u2019s purchase was structured with the company assuming $12.5 billion of debt, which he noted is subject to rapidly rising interest rates. That means Twitter is saddled with about $1.5 billion in annual debt service, he said. With all of Twitter\u2019s other expenses, the company was on target to spend as much as $6.5 billion while taking in less than half that, he said.<\/p>\n<p lang=\"en\" dir=\"ltr\">Key moment in this twitter space with <a href=\"https:\/\/twitter.com\/elonmusk?ref_src=twsrc%5Etfw\">@elonmusk<\/a> \u2013 in this clip he explains the current financial situation at <a href=\"https:\/\/twitter.com\/Twitter?ref_src=twsrc%5Etfw\">@twitter<\/a> and the reason for his actions lately. <a href=\"https:\/\/t.co\/YyWZEy5VS7\">pic.twitter.com\/YyWZEy5VS7<\/a><\/p>\n<p>\u2014 Alex (@TheSonOfWalkley) <a href=\"https:\/\/twitter.com\/TheSonOfWalkley\/status\/1605448523419451392?ref_src=twsrc%5Etfw\">December 21, 2022<\/a><\/p>\n<p>\u201cThat\u2019s why I spent the last five weeks cutting costs like crazy,\u201d said Musk, who has <a href=\"https:\/\/www.dailywire.com\/news\/read-it-elon-musk-sends-blunt-message-to-3700-fired-twitter-employees\">fired<\/a> as much as half of the company\u2019s 7,000 employees and even <a href=\"https:\/\/www.dailywire.com\/news\/twitter-is-auctioning-off-espresso-machines-lounge-chairs-other-employee-toys-heres-what-else-is-for-sale\/\" target=\"_blank\" rel=\"noopener\">sold off furniture and equipment<\/a> at the company\u2019s San Francisco headquarters.<\/p>\n<p>Musk has also begun charging users monthly for blue-check verification and made inroads with jittery advertisers, many of whom fled when the company received negative publicity amid the layoffs and disputed claims that he was not cracking down on hate speech. Although\u00a072 of Twitter\u2019s top 100 advertisers have reportedly paused ad campaigns, according to a <a href=\"https:\/\/www.dailynews.com\/2022\/12\/22\/twitter-layoffs-continue-under-elon-musk\/\" target=\"_blank\" rel=\"noopener\">review by digital marketing intelligence firm Pathmatics<\/a>, Musk said the defections were driven by the need for assurance they were getting their money\u2019s worth in a bad economic climate.<\/p>\n<p>\u201cTheir requests are not fuzzy or irrational or anything,\u201d Musk said of advertisers he has met with. \u201cThey\u2019re like, quite reasonable. They\u2019re like, \u2018Just show us a [return on investment] that makes sense.\u2019 And I\u2019m like, \u2018Yes, I agree.\u2019 If I were in their position, I would also want an ROI that makes sense, especially when headed into difficult economic times.\u201d<\/p>\n<p>Musk recently announced plans to <a href=\"https:\/\/www.dailywire.com\/news\/breaking-elon-musk-stepping-down-as-the-ceo-of-twitter-reveals-what-hell-do-next\/\" target=\"_blank\" rel=\"noopener\">step down as Twitter CEO<\/a>, in accordance with a poll he conducted that showed a majority of users wanted him to. He has not yet named a successor.<\/p>\n<p>With some changes in place and more to come, Musk expressed optimism that he can stop the company from bleeding red ink in 2023.<\/p>\n<p>\u201cWith the changes that we\u2019re making here, on massively reducing the burn rate and building subscriber revenue, I now think that Twitter will in fact be okay next year,\u201d Musk said. \u201cI think we\u2019ll be hopefully, sort of roughly cash-flow break even. That\u2019s what I expect for next year.\u201d<\/p>\n<p>\u201cThis will be difficult, but I think that\u2019s what will happen, roughly cash-flow break even as opposed to minus $3 billion-ish, with $1 billion of cash, which would be therefore dead,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elon Musk painted a dire picture of Twitter\u2019s balance sheet in a recent chat, likening the platform\u2019s finances to a plane that is about to crash. Musk, who bought the social media company for $44 billion in October, told a Twitter Spaces group it was on a pace to lose $3 billion per year when &#8230;<\/p>\n","protected":false},"author":729,"featured_media":1720951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[11418,6962,6202,11415,11416,3655,11419,4250,11417,6900,11178,6195],"class_list":["post-1784951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-engines","tag-the","tag-daily","tag-describe","tag-finances","tag-fire","tag-metaphor","tag-musk","tag-terrifying","tag-twitters","tag-uses","tag-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1784951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/729"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1784951"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1784951\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1720951"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1784951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1784951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1784951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}