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Elon Musk Twitter account displayed on a phone screen and Twitter logo displayed on a screen in the background are seen in this illustration photo taken in Krakow, Poland on November 22, 2022.

Jakub Porzycki | Nurphoto | Getty Images

Twitter CEO Elon Musk said Sunday that the last few months have been “extremely tough,” but said the social media company is “now trending to breakeven.” CNBC was not able to independently verify this claim.

Musk, who is also CEO of Tesla and SpaceX, said in a tweet that he has had to “save Twitter from bankruptcy” while also fulfilling his roles at his other companies.

“Wouldn’t wish that pain on anyone,” he wrote. “Twitter still has challenges, but it is now trending to breakeven if we keep at it. Public support is much appreciated!”

Twitter and Musk did not immediately respond to CNBC’s request for comment.

Since acquiring the company for $44 billion late last year, it’s been a rocky takeover for “Mr. Tweet,” a nickname Musk recently embraced.

According to tech newsletter Platformer, Twitter’s daily revenue was down 40% year-over-year in January 2023, and hundreds of Twitter’s top advertisers have halted or pulled back on spending. One firm estimated that Twitter’s ad revenue decline was as steep as 70% in December, year-over-year, Reuters reported.

Some of the changes that Musk implemented at Twitter, like restoring the accounts of controversial figures including neo-Nazi website founder Andrew Anglin, resulted in brands’ departure from the platform, and an outcry from civil rights leaders.

Musk acknowledged in a November tweet that the company suffered a “massive drop in revenue” after advertisers paused spending on the social media platform.

At the end of 2022, Musk claimed that Twitter was no longer “in the fast lane to bankruptcy,” but it still wasn’t “secure” during an episode of the All-In Podcast with long-time friends of his, who are also investors in Twitter, angel investor Jason Calacanis and Craft Ventures co-founder and partner David Sacks.

Twitter has been sued for failure to pay various partners, vendors and former employees since Elon Musk took over. In one example, Florida-based Private Jet Services sued Twitter for failure to pay $197,725 for its transportation services. In another case, the landlord of Twitter’s San Francisco headquarters office sued the company after it allegedly failed to pay around $6.8 million in rent in December and January.

Under Musk’s management, Twitter has slashed headcount through mass layoffs, other terminations and internal changes that compelled many to resign, including the end of a work-from-home forever policy that was put in place under former CEO Jack Dorsey.

Labor attorney Shannon Liss-Riordan has filed hundreds of demands for arbitration and a proposed class action lawsuit against Twitter on behalf of affected employees. According to a January tweet, she is arguing that former Twitter employees who were laid off or forced to resign are owed more severance than Musk’s team offered them.

Besides cutting costs, the company has tried to drum up new lines of revenue or income. Twitter auctioned off everything from kitchen supplies to office equipment in January of this year.

The company also launched — and relaunched —  an updated Twitter Blue subscription service in December, after Musk had pulled and delayed the service in November. Musk decided, more recently, to charge researchers for access to the company’s API and to do away with all free access to it.

The centi-billionaire has faced significant shareholder backlash at Tesla for being distracted, for borrowing talent from Tesla to help him at Twitter, for stirring up political controversy at Twitter, and for selling billions of dollars worth of his Tesla shares to finance his Twitter takeover.

In a tweet Sunday, one Twitter user expressed concern about how much Musk has had on his plate.

“I’m worried about me too,” Musk wrote in response.

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Google agrees to pay Texas $1.4 billion data privacy settlement

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Google agrees to pay Texas .4 billion data privacy settlement

A Google corporate logo hangs above the entrance to the company’s office at St. John’s Terminal in New York City on March 11, 2025.

Gary Hershorn | Corbis News | Getty Images

Google agreed to pay nearly $1.4 billion to the state of Texas to settle allegations of violating the data privacy rights of state residents, Texas Attorney General Ken Paxton said Friday.

Paxton sued Google in 2022 for allegedly unlawfully tracking and collecting the private data of users.

The attorney general said the settlement, which covers allegations in two separate lawsuits against the search engine and app giant, dwarfed all past settlements by other states with Google for similar data privacy violations.

Google’s settlement comes nearly 10 months after Paxton obtained a $1.4 billion settlement for Texas from Meta, the parent company of Facebook and Instagram, to resolve claims of unauthorized use of biometric data by users of those popular social media platforms.

“In Texas, Big Tech is not above the law,” Paxton said in a statement on Friday.

“For years, Google secretly tracked people’s movements, private searches, and even their voiceprints and facial geometry through their products and services. I fought back and won,” said Paxton.

“This $1.375 billion settlement is a major win for Texans’ privacy and tells companies that they will pay for abusing our trust.”

Google spokesman Jose Castaneda said the company did not admit any wrongdoing or liability in the settlement, which involves allegations related to the Chrome browser’s incognito setting, disclosures related to location history on the Google Maps app, and biometric claims related to Google Photo.

Castaneda said Google does not have to make any changes to products in connection with the settlement and that all of the policy changes that the company made in connection with the allegations were previously announced or implemented.

“This settles a raft of old claims, many of which have already been resolved elsewhere, concerning product policies we have long since changed,” Castaneda said.

“We are pleased to put them behind us, and we will continue to build robust privacy controls into our services.”

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Virtual chronic care company Omada Health files for IPO

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Virtual chronic care company Omada Health files for IPO

Omada Health smart devices in use.

Courtesy: Omada Health

Virtual care company Omada Health filed for an IPO on Friday, the latest digital health company that’s signaled its intent to hit the public markets despite a turbulent economy.

Founded in 2012, Omada offers virtual care programs to support patients with chronic conditions like prediabetes, diabetes and hypertension. The company describes its approach as a “between-visit care model” that is complementary to the broader health-care ecosystem, according to its prospectus.

Revenue increased 57% in the first quarter to $55 million, up from $35.1 million during the same period last year, the filing said. The San Francisco-based company generated $169.8 million in revenue during 2024, up 38% from $122.8 million the previous year.

Omada’s net loss narrowed to $9.4 million during its first quarter from $19 million during the same period last year. It reported a net loss of $47.1 million in 2024, compared to a $67.5 million net loss during 2023.

The IPO market has been largely dormant across the tech sector for the past three years, and within digital health, it’s been almost completely dead. After President Donald Trump announced a sweeping tariff policy that plunged U.S. markets into turmoil last month, taking a company public is an even riskier endeavor. Online lender Klarna delayed its long-anticipated IPO, as did ticket marketplace StubHub.

But Omada Health isn’t the first digital health company to file for its public market debut this year. Virtual physical therapy startup Hinge Health filed its prospectus in March, and provided an update with its first-quarter earnings on Monday, a signal to investors that it’s looking to forge ahead.

Omada contracts with employers, and the company said it works with more than 2,000 customers and supports 679,000 members as of March 31. More than 156 million Americans suffer from at least one chronic condition, so there is a significant market opportunity, according to the company’s filing.

In 2022, Omada announced a $192 million funding round that pushed its valuation above $1 billion. U.S. Venture Partners, Andreessen Horowitz and Fidelity’s FMR LLC are the largest outside shareholders in the company, each owning between 9% and 10% of the stock.

“To our prospective shareholders, thank you for learning more about Omada. I invite you join our journey,” Omada co-founder and CEO Sean Duffy said in the filing. “In front of us is a unique chance to build a promising and successful business while truly changing lives.”

WATCH: The IPO market is likely to pick up near Labor Day, says FirstMark’s Rick Heitzmann

The IPO market is likely to pick up near Labor Day, says FirstMark's Rick Heitzmann

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Google would need to shift up to 2,000 employees for antitrust remedies, search head says

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Google would need to shift up to 2,000 employees for antitrust remedies, search head says

Liz Reid, vice president, search, Google speaks during an event in New Delhi on December 19, 2022.

Sajjad Hussain | AFP | Getty Images

Testimony in Google‘s antitrust search remedies trial that wrapped hearings Friday shows how the company is calculating possible changes proposed by the Department of Justice.

Google head of search Liz Reid testified in court Tuesday that the company would need to divert between 1,000 and 2,000 employees, roughly 20% of Google’s search organization, to carry out some of the proposed remedies, a source with knowledge of the proceedings confirmed.

The testimony comes during the final days of the remedies trial, which will determine what penalties should be taken against Google after a judge last year ruled the company has held an illegal monopoly in its core market of internet search.

The DOJ, which filed the original antitrust suit and proposed remedies, asked the judge to force Google to share its data used for generating search results, such as click data. It also asked for the company to remove the use of “compelled syndication,” which refers to the practice of making certain deals with companies to ensure its search engine remains the default choice in browsers and smartphones. 

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Google pays Apple billions of dollars per year to be the default search engine on iPhones. It’s lucrative for Apple and a valuable way for Google to get more search volume and users.

Apple’s SVP of Services Eddy Cue testified Wednesday that Apple chooses to feature Google because it’s “the best search engine.”

The DOJ also proposed the company divest its Chrome browser but that was not included in Reid’s initial calculation, the source confirmed.

Reid on Tuesday said Google’s proprietary “Knowledge Graph” database, which it uses to surface search results, contains more than 500 billion facts, according to the source, and that Google has invested more than $20 billion in engineering costs and content acquisition over more than a decade.

“People ask Google questions they wouldn’t ask anyone else,” she said, according to the source.

Reid echoed Google’s argument that sharing its data would create privacy risks, the source confirmed.

Closing arguments for the search remedies trial will take place May 29th and 30th, followed by the judge’s decision expected in August.

The company faces a separate remedies trial for its advertising tech business, which is scheduled to begin Sept. 22.

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