The New York Times reported that new CEO Elon Musk has closed access to corporate credit cards for Twitter employees. The news comes in the midst of an eventful first month of the billionaire’s reign.
It seems that questions regarding the latter mode have caused more controversy with the new owner of the platform. The report states that compensation promised for certain expenses is not authorized by Musk.
Musk continues to cut costs
Since acquiring the most popular social media platform on the planet for $44 billion, Elon Musk has gone to great lengths to cut costs. Obviously, the main reason for the acquisition was poor financial management. Conversely, Musk is trying to fix the ship’s position as soon as possible in dire circumstances.
This happened today when Elon Musk turned off corporate credit cards for Twitter employees. A step that was taken in an attempt to eliminate certain costs. The New York Times reported that the decision was made after “a comprehensive examination of all kinds of other expenses in the company.”
“Mr. Musk and his advisors have targeted the computing costs that power Twitter’s core infrastructure,” the report says. What’s more, he acknowledges that overall costs for the platform have come down as a result.
All of these efforts were made in response to the huge financial burden that Twitter is currently under. Subsequently, Twitter owed billions of dollars in various loans and payments. A fact that preceded Musk’s statements to Twitter employees that “the economic picture ahead is dire.”
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