'Twitter is like a plane...with its engines on fire': Musk reveals company has just $1 billion in cash

Elon Musk, in a Twitter Spaces conversation on Wednesday, gave insights about Twitter's current financial health.

Musk said, "Twitter just has about $1 billion in cash," describing the situation as tight.
He also said, "I have spent the last five weeks in cutting costs at the company because times are tough."

He said, "If you look at the current situation from my standpoint you would think I am heading a company, Twitter which is like a plane that headed straight to the ground with its engines on fire."

Musk said the situation has been grim for the company since May this year.

This comes shortly after Musk announced on Twitter that he will be stepping down as the CEO of the social media giant and is looking for a successor.

What's going on at Twitter?

On Friday Musk conducted a poll asking if he should step down as the CEO. The poll saw 57.2% votes for 'Yes'. 

Lex Fridman, a Russian-American computer scientist and artificial intelligence researcher who also runs a podcast, was quick to offer his services to Musk.

He tweeted asking if he could run Twitter without any salary in return.

However, Musk, in response to this 'fun suggestion,' pointed out that to run a company like Twitter one has to put in all their life savings and even called it painful as it's headed towards bankruptcy.

In November, shortly after completing the $44 billion acquisition, Musk in his first official address to the company's employees, painted an extremely bleak scenario and warned the employees that if the company fails to generate more cash, the possibility of bankruptcy is real.