--- title: "Twitter CEO Trying to Figure Out What to Tell Banks That Funded Elon’s Disastrous Acquisition" description: "X-formerly-Twitter's newly anointed CEO Linda Yaccarino is now being tasked with picking up the pieces, following Elon Musk's acquisition." date: "2023-10-01" modified: "2023-10-01" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/twitter-ceo-tell-banks-funded-elon-disastrous-acquisition" categories: - "Future Society" tags: - "elon musk" - "the digest" - "twitter" --- # Twitter CEO Trying to Figure Out What to Tell Banks That Funded Elon’s Disastrous Acquisition ![X-formerly-Twitter's newly anointed CEO Linda Yaccarino is now being tasked with picking up the pieces, following Elon Musk's acquisition.]() *\Image: Jerod Harris/Getty Images for Vox Media\* ## Mea Culpa Tesla CEO Elon Musk had to dig deep into his own pockets to fund his disastrous acquisition of Twitter last year, funding the $44 billion purchase with billions of dollars [coming out of his Tesla shares]() and his own funds. Even then, he had to take on a considerable debt from banks, [worth roughly $13 billion](). Since then, Musk's chaotic and questionable leadership has sent advertisers [running for the hills](), causing [revenues to plummet](). Mass layoffs have sent shockwaves through the company's operations, complicating matters further. Almost a year later, X-formerly-Twitter's newly anointed CEO Linda Yaccarino is now being tasked with picking up the pieces. As the [*Financial Times* reports](), Yaccarino, who joined the flailing platform in June, is meeting with bankers to reassure them the "[flaming dumpster]()" that is X won't continue bleeding them dry. "She has to get him out," a banker at one of X's lenders told the newspaper, referring to Musk. "They need ad dollars to come back." ## Debt Pile That'll likely prove to be a considerable task. Since his disastrous acquisition, Musk has dug in his heels, allowing disinformation, [propaganda](), extremism, and conspiracy theories to flourish on the platform, [enraging image-conscious advertisers](). Yaccarino is signaling optimism about the social media platform's future, telling an audience at this week's Code Conference that the company is nearing breaking even and that'll turn a profit in "early 2024." As for the growing pile of debt, according to *Financial Times*' sources, X is earning enough cash to at least cover the gargantuan interest payments, totaling roughly $1.5 billion a year, accrued by Musk's debt. Oh, to be a fly on the wall. There's a lot we don't know about what's really going on behind the scenes at X and the company's short-term goals are as nebulous as ever. Last month, Musk [admitted]() that "we may fail, as so many have predicted," a rare moment of lucidity for an entrepreneur who has a reputation for making kneejerk and ill-advised decisions. It remains to be seen if Yaccarino will be able to rack up enough goodwill among lenders to right the ship and save X from its eventual demise. She'll certainly have a lot of questions to answer on behalf of her handler going forward. **More on X:** *[Free Speech Lover Elon Musk Seems to Be Throttling Exposure to Sites He Doesn't Like on Twitter ]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()