Twitter CEO Elon Musk believes the company could become profitable as early as next quarter, Reurers writes..

Speaking at the Morgan Stanley investor conference, Musk said he was amazed at how badly Twitter was doing.. The company has now slashed its non-debt spending to $1.5 billion from a projected $4.5 billion in 2023, cutting cloud spending by 40%, closing one of its data centers and laying off thousands of employees..

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He added that Twitter had suffered a "

The billionaire believes that it will take several years to create a management team at Twitter. He also confirmed his plans to introduce payments on Twitter and stated that users will be able to send money to each other with a click..

“I think that in this way Twitter can become the largest financial institution in the world,” he said..

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Musk plans to focus on bringing back advertisers who previously left the platform. Twitter has 253 million daily active users. According to Musk’s plans, this can be profitably monetized already in the fourth quarter: Twitter earns from 5 to 6 cents per hour, and users spend “130 million hours of their time per day” on the platform.. The head of the platform believes that the company can increase its profit up to 15-20 cents per hour.

Twitter became the first social media to allow cannabis ads on its platform.