Musk is swimming upstream, having notched the top-tick LBO of a decade-long ZIRP run.
With Twitter's original finances, in a strong economy, the debt would have been difficult. As currently configured, with ad revenue down 50% [1], it's obviously unsustainable, a reality reflected in its bonds' prices.
> he claims it's break-even now
Musk expected, last year, Twitter to break even this year [2]. He claimed break-even in April, but conceded profitability was still away [3], implying an unlevered definition of breaking even, i.e. before financing costs.
[1] https://www.reuters.com/technology/elon-musk-says-twitters-c...
[2] https://www.reuters.com/technology/elon-musk-expects-twitter...
[3] https://www.marketwatch.com/story/elon-musk-twitter-is-opera...