Elon Musk said on Saturday that social network Twitter, which he bought for $44 billion in October 2022, has lost about half of its ad revenue.
“We are still in a negative cash flow situation due to the close to 50% drop in ad revenue and heavy debt load,” the boss wrote on Twitter to a user who made strategic recommendations about the platform.
“We need to get cash flow positive before we have the luxury of doing anything else,” he added, without going into detail.
The changes Musk has made since taking control of Twitter have angered network users and advertisers.
In May, market research firm Insider Intelligence claimed that Twitter is on track to earn less than $3 billion in 2023, or nearly a third less than it did in 2022.
Since then, the billionaire has made more announcements that have angered netizens, for example, as he said at the beginning of July that he would limit tweet reading to 10,000 per day for verified accounts, 1,000 for unverified accounts, and 500 for new accounts.
A few days later, I am announcing that the TweetDeck application, which is widely used by IT professionals, will be reserved for certified, that is, paid accounts as of August.
AFP
Source: Exame
