GUARDIAN NEWS
Twitter owner Elon Musk said Saturday that the social media platform he bought for $44 billion last October has lost roughly half of its advertising revenue.
“We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load,” the billionaire said in a post, responding to a user who was giving suggestions on financing for the platform.
“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 2023, down one-third from 2022.
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