Cost-Cutting A Necessity: Twitter Facing Huge 2023 Loss

• 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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