X former Twitter is currently facing financial shortage as owner Elon Musk works on wats out to keep it on course.
Musk’s ambitious acquisition of Twitter, according to an internal email sent by Musk to employees, and accessed by The Wall Street Journal, things are not right.
The billionaire entrepreneur admitted the platform is “barely breaking even,” citing stagnant user growth and underwhelming revenue.
Musk purchased Twitter for $44 billion in October 2022, a deal financed in part by $13 billion in debt. Banks such as Bank of America, Barclays, and Morgan Stanley, which underwrote the acquisition, are now attempting to offload portions of the debt, as reported by The Wall Street Journal.
The financial strain includes annual interest payments exceeding $1 billion, further complicating X’s path to profitability.
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