Billionaire Musk says Twitter lost half of its advertising revenue

Twitter has lost roughly half of its advertising revenue, according to owner Elon Musk, since he bought the social media platform for $44 billion last October.

Musk, who has been outspoken about the difficulties facing the company, broke the figures in a tweet response to a user who was giving suggestions on financing for the platform.

“We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load,” the billionaire tweeted Saturday.
“Need to reach positive cash flow before we have the luxury of anything else,” he added, without further elaboration.

Insider Intelligence has reported that Twitter was set to earn less than $3 billion in revenue in 2023, down one-third from 2022.
Changes instituted by Musk since his takeover of Twitter have turned off users and advertisers alike.

Earlier this month, Musk announced that Twitter was limiting verified accounts to reading 10,000 tweets a day, in a bid “to address extreme levels of data scraping” and “system manipulation” by third-party platforms.

The two men have been bickering for years, but things have become heated since it became clear Meta intended to compete with Twitter.

Credit: AFP