Since assuming ownership of the site in October, the billionaire has not had an easy time, but he believes that “generally, it appears to be heading in the right path.”
Elon Musk asserts that Twitter is “no longer on the fast track to bankruptcy,” but concedes that “more work remains.”
Since acquiring the social networking platform in October for $44 billion (£38 billion), Musk has not had an easy time.
As anxiety increased about the platform’s direction and its capacity to pay interest on the $13bn (£10.8bn) debt he incurred to purchase it, he made several controversial policy moves and lost many significant advertisers.
Within two weeks of purchasing the company last month, he told Twitter staff that the company might not “survive the oncoming economic crisis.”
In a podcast published over the weekend, he told All-In, “It’s been quite a roller coaster… To say the least, it has its ups and downs, but overall it appears to be heading on the right path.
The expenses are under reasonable control, thus the company is no longer on the fast track to bankruptcy.
Later, he added in a tweet, “Twitter is not yet secure, but it is not on the fast track to bankruptcy. There is still plenty to do.”
My mistake rate will diminish with time
He also guaranteed the show that “in the future, there will be fewer gaffes.”
“You’ll strike out more often if you swing for the fences,” he added.
“But we’re aiming for home runs at Twitter, and we’re going to do it quickly.
“My error rate and sort of being the top idiot will decrease over time, but at the beginning, because I’m new, we’ll make a lot more mistakes… hello, I just got here, man.
“I believe it’s amazing – we’re executing effectively and getting things done – if you look at the real amount of change that has occurred at Twitter in terms of having costs that aren’t outrageous and shipping stuff that is, on average, good.”
Musk, one of the wealthiest individuals in the world, also controls SpaceX and Tesla.
Investors in Tesla have recently expressed fear that Musk’s devotion to the electric vehicle manufacturer may be waning due to the time he spends on Twitter.
This year, Tesla stock has lost around 70% of its value, and Musk has liquidated interests worth billions of dollars.
A few days ago, he stated that he predicted a severe recession the following year and had sold stock to “make sure there’s powder dry…for the worst-case scenario.”
