Elon Musk says Twitter in 'fast lane to bankruptcy' since May
Elon Musk tells MIT researcher he must like a lot of pain to want to take over Twitter, as it has been in the fast lane to bankruptcy since May
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Twitter CEO Elon Musk received an offer from an MIT researcher and podcast host on Sunday to run the social media platform for free, and in response, Musk said his investment has been "in the fast lane to bankruptcy" since before his takeover in May.
MIT research scientist and podcast host Lex Fridman tagged Musk in a post on Sunday, offering to take over Twitter.
In this photo illustration, the image of Elon Musk is displayed on a computer screen and the logo of twitter on a mobile phone in Ankara, Turkiye on October 06, 2022. (Muhammed Selim Korkutata / Anadolu Agency / Getty Images)
"Let me run Twitter for a bit," Fridman said. "No Salary. All in. Focus on great engineering and increasing the amount of love in the world. Just offering my help in the unlikely case it’s useful."
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Shortly after Fridman made the offer, Musk responded.
"You must like a lot of pain," he said. "One catch: you have to invest your life savings in Twitter and it has been in the fast lane to bankruptcy since May. Still want the job?"
"Yes. We’ll turn it around," Fridman said.
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The Twitter CEO purchased the social media platform on Oct. 27 for $44 billion, and experts like Wedbush Securities analyst Dan Ives said that was the easy part of the acquisition.
The "Everest-like" uphill battle of fixing "this troubled asset" would be the hard part, he added.
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Ives also said the purchase would go down as one of the most overpaid tech acquisitions in the history of M&A deals on the Street.