Elon Musk remarked at Morgan Stanley’s investor conference that he was “amazed” by Twitter’s “poor” messaging service monetization.
The tech billionaire also stated that the company’s spending has been lowered from a predicted $4.5 billion in 2023 to $1.5 billion as a result of a 40% reduction in cloud service fees and the shutdown of one data center. Moreover, Twitter has laid off thousands of staff.
Elon Musk stated during the conference that Twitter has been impacted by “a massive reduction in online advertising”, which is caused in part by the cyclical nature of ad expenditure and a variety of “political” factors.
Twitter had a problem earlier this week that stopped thousands of people from accessing affiliate links. According to the internet monitoring company NetBlocks, this is Twitter’s sixth outage since the beginning of the year.
In response to the issue, Musk stated that “what was planned to affect about 1% of users ended up being a ‘catastrophic‘ update for everyone.” Engineers are “cleaning up” Twitter in general, according to the tech mogul.
With Elon Musk’s deal, there has been significant concern regarding Twitter’s stability. According to Reuters, several engineers in charge of resolving and avoiding service failures left.
Commenting about the payment option on Twitter, Musk stated, consumers may send money with simply one click.
“I believe this platform has the potential to become the world’s largest financial institution,” he remarked.
Another objective of Elon Musk is to attract advertisers back to Twitter after many corporations were “uncertain about how Musk, the self-described autocrat about free speech, will conduct content management”.
According to the Financial Times, the European Union has asked Musk to recruit additional content moderators at Twitter to comply with upcoming legislation.
Twitter presently makes 5 to 6 cents per hour when users spend “130 million hours each day” on the network, according to the Morgan Stanley Musk event. He stated that the company’s earnings may be increased to 15 to 20 cents per hour.
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