| Twitter made its first interest payment on the $US12.5 billion in debt that Elon Musk used to take the social media giant private last year.
The first coupon was expected to cost Twitter roughly $US300 million , according to Bloomberg calculations and market participants not involved in the Twitter deal. The payment was due around January 27, about three months after the transaction closed. He’s also openly floated the idea of bankruptcy, cited a “massive drop” in revenue as some advertisers fled from the platform, andYet, Mr Musk has also said Twitter’s finances are improving. He said in a late December Twitter Spaces conversation that the company has about $US1 billion in cash on its balance sheet and is now on track to “roughly” hit cash flow break-even following all the cuts.
While Twitter made its first interest payment, its debt load is still a heavy burden. Annual interest is expected to exceed $US1.2 billion, some of which carries floating rates that could continue to increase as the Federal Reserve hikes interest rates.
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