He gave a high-level update on the state of the company’s financial health during an interview at a conference hosted by Morgan Stanley.

Twitter is currently expecting to make $3 billion in revenue this year and is spending $1.5 billion annually in addition to the $1.5 billion in debt payments it owes, according to Musk. For comparison, Twitter was on track to report about $5 billion in revenue for 2022 before Musk bought it. Its costs were $2.8 billion during just the first half of last year, which implies that he has slashed spend by more than 70 percent.

Musk claimed Twitter now has 250 million daily users and 500 million monthly users, though it’s unclear how those metrics are calculated. The last time Twitter reported user numbers as a public company it said there were 237.8 million daily users during the second quarter of 2022.