Elon Musk reveals the truth on Twitter crisis: "Investors on the run and debts"

• Financial

Elon Musk has publicly confirmed that the Twitter crisis is not over yet, underlining the drama of the moment. He explained in a tweet: "Our balance sheet is still in the negative. A drop in advertising revenue of about 50% and a large debt burden.

We need to get to positive cash flow before we can do anything else." This is the content of Musk's tweet, which was written in response to a user who suggested that he put together a team that understands his vision for the site to have them buy the debt and then be able to trade it.

you should get a consortium together who understands your vision for this website (whether it’s more of a public utility or a business meant to generate cash flow is up to you) and have them buy the debt then do a tender/exchange offer for convertible notes w more favorable terms — sophie (@netcapgirl) July 14, 2023

Threads vs Twitter

The Twitter CEO responded to a tweet from a user who had posted a screenshot dated August 21, 2018 announcing the cancellation of his Instagram account, and stated that it is infinitely preferable to be attacked by strangers on Twitter, rather than indulging in false happiness and hiding the pain on Instagram.

Zuckerberg on Threads, in response to a user asking if the platform can actually beat Twitter, explained: "It will take time, but I think there should be a public conversation app with over 1 billion people on it.Twitter has had the opportunity to do it but didn't.

Let's hope we can." Since Musk took over as new owner of Twitter, many social media users have publicly expressed their dissatisfaction with the platform and its management, citing erratic behavior and political views. Last month, Musk and Mark Zuckerberg agreed to a cage fight that could also take place at Rome's Colosseum, though the two were perhaps joking about.Zuckerberg's first posts on Threads mentioned his interest in mixed martial arts.Elon Musk limited the number of tweets users could see on his platform per day, citing extreme data scraping.

Threads, a new social media from Mark Zuckerberg's Meta and Elon Musk's Twitter rival, has launched in the US, UK and other countries.According to The Hill, Twitter sent a communication to Meta threatening to sue it over the launch of the Threads platform.Also according to The Hill, Elon Musk's social media outlet expresses strong concern that Meta has misused Twitter's trade secrets and intellectual property.

The social media also accuses the company that owns Instragram and Facebook of having hired its employees to create Threads.Meta Communications director Andy Stone was quick to dismiss part of Twitter's allegations, posting: "No one on the Threads engineering team is a former Twitter employee."Thread reached 70 million subscriptions in less than 48 hours, more than doubling the first day's growth, as announced by Zuckerberg in a post.

The new microblogging platform was launched yesterday in 100 countries, reaching more than 30 million users in the first 24 hours and becoming the fastest downloaded app ever. Twitter has over 250 million subscribers.