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In 2021, the last year for which public financial statements are available, Twitter made a loss of $221m (£181m).
His central London office in Piccadilly has been said to be empty since Mr Musk ordered thousands of redundancies worldwide after buying Twitter for $44bn last October.
The combination of layoffs and resignations is expected to cost the social media company a total of about 5,000 employees, with 3,700 laid off in November.
More than 40 employees in the UK are now threatening legal action against Twitter, described the company’s actions as “illegal” in a letter seen by the Telegraph. They claim the company fired them without going through the legally required consultation process.
Twitter’s financial health has been a concern for Mr. Musk since he acquired the company. Rounds of layoffs and office closures have sidelined with reports that major advertisers, spooked by the sacking of content moderators and a spike in fake accounts, have pulled from the site.
One of the leading policies of the billionaire, selling blue ticks to Twitter users for $8 a month, was behind the explosion in the number of fake accounts in November and December.
Blue ticks were previously issued by Twitter as a public verification that an account is genuine.
In one notorious case, pranksters created an account impersonating the pharmaceutical company Eli Lilly and announced that insulin, one of its flagship products, would be manufactured for free.
The company’s stock price fell 4 percent that day, wiping about $22 billion off its value.
Musk’s focus on Twitter is believed to have come at the expense of his focus on Tesla, whose share price has fallen by two-thirds in the past 12 months amid growing investor anger.
Analysts speculate that the world’s second-richest man is more interested in Twitter than in the electric car maker, whose fortunes have taken a hit in 2022 after production shutdowns due to covid-19 in China.
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