Elon Musk, who remains one of the richest men in the world, now claims that the $44 billion purchase of Twitter was timely, as saved the social network from bankruptcy.
In response to a tweet from The Wall Street Journal, Musk he wrote: “The last three months have been extremely difficult as I have had to save Twitter from bankruptcy while fulfilling essential obligations to Tesla and SpaceX. I don’t wish that on anyone. Twitter continues to face challenges, but now the tendency is to reach the break-even point if we continue like this. Public support is greatly appreciated.”
Since the purchase of Twitter, things have been pretty erratic on the social network. Musk has changed his mind several times about his plan to sell marquees on the platform, even mentioning that declaring bankruptcy was an option for Twitter he was considering.
Those remarks came after a California jury found him “not responsible” for losses suffered by Tesla shareholders after he posted a tweet saying he was considering taking Tesla public at $420 a share and had “funding secured.” .
In reality, funding was not secured. The tweet was originally posted in 2018 and sent Tesla shares up 11% to $387.46 before dropping to $263.24 a month later when it became clear funding was not secured.
In the past year, Tesla’s stock has dropped 37%, which explains most of the evaporation of its wealth.