Speaking at a Morgan Stanley investor conference on Tuesday, Elon Musk said that Twitter could return to posting positive cash flow in Q2 2023. He is still planning to introduce payments to the platform, adding that he believed it was “possible to become the biggest financial institution in the world just by providing people with convenient payment options.” According to Financial Times, Twitter’s monetizable daily active users numbers had risen to 253 million, its highest ever.
Elon Musk said that the cash flow at the company he bought for $44 billion in 2022 would break even in Q2 2023 and might even become positive in that period. He explained that Twitter’s costs were projected to run at about $3 billion a year, including $1.5 billion of interest payments on the $13 billion debt he used for the purchase.
However, Musk acknowledged a “massive decline in advertising” as marketers left the site over his plans to relax content moderation. Musk said that Twitter was “poorly monetized” and makes only 5 to 6 cents per hour per user, Musk explained. He said he hoped to raise this to at least 15 cents an hour.
Musk added that he wants to offer a “powerful finance experience” that is superior to PayPal, a company he co-founded more than 2 decades ago.