Elon Musk claims that Twitter would have gone bankrupt if he had not decided to dramatically reduce its employment from approximately 8,000 to an estimated 1,500 personnel.
Mr Musk made the remarks in a BBC interview on Tuesday night, justifying the significant layoffs that quickly left many people unemployed in an unusual turn of events after acquiring the microblogging site for $44 billion last October.
The Twitter owner justified the employee layoffs as a necessary precaution to keep Twitter from sinking, claiming that any alternative step would have left the company struggling to survive.
“If we don’t cut costs immediately, the company will go bankrupt,” Mr Musk told the British press. “This is not a case of caring versus uncaring. It’s as if the entire ship collapses, nobody has a job.”
When questioned if he regretted buying the platform, Mr. Musk answered that it “needed to be done.” However, he conceded that running the organization has been excruciatingly unpleasant.
“Twitter’s pain level has been extremely high.” “This hasn’t been a party,” Mr Musk explained.
Mr. Musk urged organizations to pay a necessary $1,000 monthly subscription fee to get or keep their verification badges as part of major modifications to the platform, which The New York Times strongly rejected.