In December 2022, Twitter platform revenue and net profit decreased 40% year-on-year. Analysts attribute the drop to advertisers leaving the social network after Elon Musk joined the company, The Wall Street Journal has found.
At the end of last year, ad spend on Twitter fell by 71%, according to the Standard Media Research Center. The publication’s interlocutors reported that Elon Musk has already made the first payment on a $13 billion loan taken out to close the deal to buy Twitter.
The company recently launched the ability to subscribe to Twitter Blue in the Netherlands, Poland, Ireland, Greece, Denmark, Hungary, Lithuania, Estonia and 12 other countries, TechCrunch writes. In total, users from more than 35 countries around the world can use this service.
- By November 2022, Pfizer, General Mills, Mondelez and Audi, among others, had suspended ad buying on Twitter after Elon Musk acquired the social network. Against this backdrop, the platform’s ad revenue has dropped dramatically, by more than $4 million per day.
- To reduce business costs, Elon Musk reduced the company’s staff by 50%. The wave of layoffs in February 2023 was already the eighth since the purchase of the social network by an American billionaire.
- In early March 2023, Twitter experienced a global outage. More than 50% of users complained about the incorrect operation of the application, 37% – about the work of the desktop version, 7% – about the connection to the server.
Author:
karina pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
