Elon Musk is very upset..!? Financial Decline..!?

Sowmiya Sriram
Elon Musk is very upset..!? Financial Decline..!?
Elon Musk, the richest man in the world, is currently actively trying to make donald trump succeed as the next president of the United States. A major force behind his efforts is twitter, which he bought for $44 billion. Whatever X builds on a large scale in the US, it stands on the ground in India. X, formerly twitter, has filed revenue and profit figures for fiscal 2024 with the Department of corporate Affairs. X, which operates in india as twitter Communications Pvt Ltd, has seen a sharp decline in profits and revenue in fiscal 2024.
The revenue of the company's india twitter division has fallen by almost 90% compared to last year. It has come down from Rs 207.7 crore in the last financial year to Rs 21.1 crore at present. Similarly, its profit also fell by 90 percent to Rs 3.1 crore from Rs 30.4 crore. Almost 90% of employees from indian businesses were laid off after Elon Musk took over Twitter. This is followed by a severe financial collapse. twitter currently employs only 12 people in india and their salaries and expenses are just Rs 6.2 crore. Last year the expenditure of this segment was Rs 130.1 crore, but now the expenditure has come down by 95%.
The company's board of directors now has only two members, one being Anup ashok Malashetty and the other being Asia Pacific head Winston Chei Cheng Poo. Since Elon Musk took over twitter, free verification patches for twitter accounts have been paid for, which has resulted in a decline in revenue and profits even as twitter management earns a lot. Although twitter has around 2.5 crore accounts in india, india is a small market for X globally.
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