Cost-Cutting A Necessity: Twitter Facing Huge 2023 Loss

In this photo illustration, The Twitter logo is displayed on a mobile device as the company announced it's initial public offering and debut on the New York Stock Exchange on November 7, 2013 in London, England.

At a glance

  • Elon Musk’s decision to lay off half of Twitter’s workforce wasn’t done out of vindictiveness. It apparently was a necessity.
  • Twitter now is a private company carrying a lot of debt following Musk’s $44 billion acquisition. Loan payments will be $1.3 billion per year, according to a banker in the know.
  • The company also is on track to lose $700 million in 2023.

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