Twitter’s billionaire owner Elon Musk has reportedly promised the banks which helped fund his $44 billion acquisition of the social media company that he’ll crack down on executive and board pay, and develop new tools to monetize tweets.
In his pitch to the banks, the SpaceX founder noted that Twitter’s gross margin is much lower than that of peers such as Meta’s Facebook or Pinterest, three people familiar with the matter were quoted as saying by Reuters.
Musk reportedly said the company could be run in a more cost-efficient way. He is reportedly planning features to expand business revenue, including new ways to make money out of tweets that contain important information or go viral.