"And we're barely breaking even," he added of the social media site's finances. Musk, who also runs SpaceX and Tesla, bought the platform, then known as Twitter, for $44 billion in late 2022. But the company has seen its valuation drop since then,

The Wall Street Journal reports banks are close to selling some of the $13 billion in debt they took on while helping Musk buy Twitter in 2022.

Elon Musk's email to X employees reveals the company faces serious revenue issues, with stagnant user growth and barely breaking even. Despite recent changes and a push for free speech, ad revenue has declined significantly since his $44 billion takeover.