By ABUBAKAR YUNUSA
Linda Yaccarino, chief executive officer (CEO) of X (formerly known as Twitter), says the company will be profitable by early 2024.
The X CEO spoke during an interview at the Code Conference (CODE 23) organised by Vox Media in Laguna Niguel, United States on Wednesday.
Yaccarino, who became the first female CEO of Twitter in May 2023, said X was just about “break-even” in terms of operating cash flow and should soon make a profit.
“Now that I have immersed myself in the business, and we have a good set of eyes on what is predictable,” she said.
“What’s coming is that it looks like in early ’24, we will be turning a profit.”
Yaccarino also said, “90 percent of the top 100 advertisers have returned to the platform in the last twelve weeks alone.”
“The velocity of change and the scope of ambition at X really does not exist anywhere else,” she added.
In October 2022, Musk took over Twitter after completing a $44 billion deal.
Last year, the microblogging platform started charging users $8 per month for its blue tick mark.
In April 2023, Musk said users of the platform would be able to monetise their content, including long-form text and hours-long video.
The billionaire said the microblogging platform would take a 10 percent cut on content subscriptions after the first year.
Earlier this month, Musk announced that users may soon have to pay to access the platform.
This, the billionaire said, is to combat “vast armies of bot”.
Meanwhile, X is facing a number of lawsuits that allege it has failed to pay rent on its offices.
The company also have millions of dollars in severance to thousands of employees who were laid off in Africa.
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