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Elon Musk, who is in the process of actively looking for a new CEO for social media platform Twitter (TWTR), said the company would likely be "okay" next year as the enigmatic tech exec defended recently implemented layoffs and cost cuts.
Speaking on a Twitter Spaces audio chat, Musk said the company was tracking towards generating $5B in revenue, but with $1.5B in interest payments on debt and expenses of roughly $5B (including roughly $1.5B for servers), the company was on pace for negative cash flow of $3B next year.
"Not good," Musk said, while adding that he spent the last five weeks "cutting costs like crazy."
The 51-year-old Musk added, however, that the cuts would likely help the company be "roughly cash flow break even" in 2023, before adding, "This will be difficult."
Prior to Musk taking over the embattled social network, it had roughly 7,500 employees. Since taking over on October 27, Musk has severed ties with roughly 50% of the company's workforce, leaving it with roughly 2,000 employees, he said.
On Tuesday, Musk confirmed that he would step down as the head of Twitter (TWTR), but only after he had found a replacement.