Home / News / World /  Elon Musk refusing to pay 'millions of dollars' worth bills at Twitter: Report

Tech billionaire Elon Musk's cost cutting measures after acquiring Twitter in a $44 billion deal has surpassed mass layoff- and according to reports has trickled down to refusing to pay previous bills that are worth "millions of dollars". 

The report published in New York Times, states that Elon Musk refuses to reimburse travel vendors expenses worth "millions of dollars" incurred before his dramatic takeover of the micro blogging platform.

According to the report, Elon Musk has not ‘authorised’ hundreds of thousands of dollars in travel invoices that former executives of the company had incurred, the Tesla CEO is now refusing to pay travel vendors for those bills, employees, both past and present.

The NYT report has also informed that Twitter staff have since avoided the calls of the travel vendors.

It is not unknown that Elon Musk's cost-cutting rampage has by far included firing roughly half the global workforce as well as conducting a sweeping examination of all types of other costs at the company. The NYT report has also stated that Twitter employees' corporate credit cards have also been shut off. 

Further what else face the wrath of Elon Musk's scrutiny includes costs that support Twitter's underlying infrastructure, real estate and even the company's normally lavish in-office cafeteria food, the report added.

While these ruthless cuts have brought down Twitter's spending, the report said, the moves have evoked dissatisfaction within, especially from some vendors who are owed millions of dollars in back payments.

Earlier this month, on his first mass call with employees, Elon Musk had said that he could not rule out the possibility of Twitter going bankrupt, a mere two weeks after buying it for $44 billion.

That same day in his first company-wide email, Musk warned that Twitter would not be able to "survive the upcoming economic downturn" if it fails to boost subscription revenue to offset falling advertising income, Reuters reported.

Twitter's changes under Musk, which include content moderation, delisting the company's stock, layoffs and verification subscriptions, all point to a desperate attempt by the world's richest man, whose losses for 2022 topped $100 billion, to counter Twitter's "massive" revenue drop.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout