“Not good since Twitter has $1 billion in cash. That’s why I spent the past five weeks cutting costs like crazy,” the CEO stated in Twitter Spaces, a feature of the platform that he purchased at $44 billion.

San Francisco: Elon Musk on Wednesday claimed that the drastic cost reductions at Twitter has helped the company recover from its financial problems when he began to identify a new CEO for the social media giant that was struggling.

The billionaire’s mercurial nature was evident in on a live chat platform that if he didn’t make the changes, which included firing more than half its employees at Twitter, it could have lost $3 billion annually.

“Not good since Twitter has $1 billion in cash. That’s why I spent the past five weeks cutting costs like crazy,” the CEO stated in Twitter Spaces, a feature of the platform that he purchased at $44 billion.

“If… you’re looking at it from my standpoint… basically, you’re in a plane that is headed towards the ground at high speed with the engines on fire and the controls don’t work,” he stated.

In the first few weeks of his control of Twitter and the company, Mr. Musk dismissed about half of the workforce of 7,500 employees, prompting fears about the fact that Twitter was not adequately equipped to conduct moderated content, and also frightening the government and advertising.

Elon Musk, CEO of Tesla Motors Inc., unveils the company¬ís newest products, Powerwall and Powerpack in Hawthorne, Calif., Thursday, April 30, 2015. Musk is trying to steer his electric car company’s battery technology into homes and businesses as part of an elaborate plan to reshape the power grid with millions of small power plants made of solar panels on roofs and batteries in garages. (AP Photo/Ringo H.W. Chiu)

Elon Musk stated that his strategy was working and that he was able to dramatically reduce costs and generating revenue from subscribers, “I now think that Twitter will in fact be OK next year” and be profitable.

He said he knew that advertisers were wary of spending on his platform but blamed their hesitation on the uncertain economic outlook and not worrying regarding content moderation.

He also said that the new service, which costs $8 per month, known as Twitter Blue would help make more of the difference.

“Because otherwise, how do we pay the fruggin’ server bill,” Musk said. Musk stated, noting that the hardware of Twitter costs about $1.5 billion each year.

Musk made the statement after Mr Musk has come out in support of his policies following a tweet. posted on Twitter that he is currently on looking for a new CEO who is “foolish” enough to replace him.

He stated that he’d be able to focus on running servers and the software on Twitter.

This came after a Twitter poll that Elon Musk asked users whether Elon Musk should remain CEO of the company. 57 percent of respondents said that he should resign.

Mr. Musk has made use of Twitter polls to take other choices on Twitter which included his reinstatement on the Twitter account of the former US President Donald Trump.