In another pretty worthless interview, Twitter's CEO made very hard-to-believe claims. Yaccarino makes the fantastic claim that Twitter will achieve profitability in 2024! Additionally, the CEO states that 90 of the top 100 advertisers who abandoned the sinking ship have returned, and revenue is on a rosy track. While it is possible to achieve profitability through cutting, it seems less likely one will survive when implying Musk was doing a lousy job before she arrived.
"Now that I have immersed myself in the business, and we have a good set of eyes on what is predictable, what's coming is that it looks like in early '24, we will be turning a profit," Yaccarino said on stage at the Code Conference.
That's a big statement for a company that didn't turn an annual profit in its first 13 years, and which has struggled to maintain profitability since — let alone for a company that was bought by Elon Musk only a year ago. But these comments are consistent with Yaccarino's previous statements across the few months since she became CEO. In August, she said on CNBC that X was "pretty close to breakeven" in terms of operational run rate. In July, she stated in a leaked memo that X usage was at an all-time high.
Yaccarino said on stage today that, "90% of the top 100 advertisers have returned to the platform in the last twelve weeks alone."
X also reduced its spending by cutting the size of its staff from 8,000 to about 1,500; further, laid-off employees still have not been paid severance. X is also facing multiple lawsuits over not paying rent for office space in several countries
Failing to pay your business's expenses doesn't make you profitable. As Twitter/X is now a private company, we will never really know, will we? Even their company name is now just a joke.