Twitter’s Bottom Line – Elon goes to Auction 📴

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Twitter’s Bottom Line – Elon goes to Auction

In October 2022, Elon Musk acquired Twitter for $44 billion. Since taking over the social media company, Musk has been working on cutting costs. He laid off half of Twitter’s 6,000 workers in November 2022 and has told the remaining employees to be prepared for a “hardcore” work life or to resign. Musk has also reportedly told employees that there is “a good chance Twitter will not survive the upcoming economic downturn” and tweeted in November that the company has seen a “massive drop in revenue” due to advertisers pulling ads because of Musk’s hands-off approach to content moderation.

More recently, Elon Musk has pushed to improve Twitter’s bottom line through budget cuts. Indeed, Twitter is auctioning off hundreds of items from its San Francisco headquarters, including a 6-foot-high sculpture of an @ sign that doubles as a planter and a blue Twitter bird statue. The auction is being managed by Heritage Global Partners. Nick Dove, a representative for Heritage Global Partners, said the sale has “nothing to do with” Twitter’s financial position. “If anyone genuinely thinks that the revenue from selling a couple of computers and chairs will pay for the mountain there, then they’re a moron,” he said. The San Francisco auction of Twitter’s gear will begin on January 17, 2023, and will end the following day.

What do you think about the auction? And is it reflective of Twitter’s balance sheet or merely part of a more “essentials first” culture Musk hopes to establish as Twitter sorts itself out?

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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