2023-07-16 03:58:02
Twitter continues to lose money because has been cut in half, Elon Musk claimed Saturday.
In response to a tweet offering business advice, Musk tweeted Saturday: “Still in negative cash flow, due to (about) a 50% drop in ad revenue plus a large debt load.”
“We need to get cash flow positive before we can afford anything else,” he concluded.
Since taking over Twitter in a $44 billion deal last fall, Musk has tried to reassure advertisers who were concerned about top executive ousters, mass layoffs and a different approach to content moderation. Some high-profile users who had been banned were allowed to return to the social network.
In April, Musk said that most of the advertisers who left had returned and that the company could be cash flow positive in the second quarter of the year.
In May, it hired a new chief executive, Linda Yaccarino, a former NBCUniversal executive with strong ties to the industry.
But since then, Twitter has upset some users by imposing new limits on the number of tweets they can see in a day, and some users have complained that they couldn’t access the site. Musk argued that the restrictions were necessary to prevent unauthorized scraping of potentially valuable data.
Twitter got a new competitor this month, when Facebook owner Meta launched a text-focused app, Threads, garnering tens of millions of subscriptions in a few days. Twitter responded by threatening legal action.
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