Elon Musk says Twitter’s advert income has dropped by 50 p.c

Twitter continues to be spending more cash than it’s making, in response to Elon Musk. Within the early hours of Saturday morning, the billionaire tweeted the corporate was affected by an ongoing unfavourable money movement challenge as a result of an roughly 50 p.c drop in promoting income and heavy debt burden. “Want to achieve optimistic money movement earlier than we’ve got the luxurious of anything,” Musk stated.

The admission is available in the identical week that Twitter’s ad-revenue sharing program started paying out , together with a handful of . On Friday, Musk additionally the social community may see “all-time excessive machine consumer seconds utilization” someday this week. He additionally beforehand stated nearly all of the advertisers who had left the platform following his had “both come again” or “stated they are going to come again.”

Based on an estimate analysis agency Sensor Tower shared with , promoting spending fell by 89 p.c to $7.6 million throughout a two-month interval earlier this yr. Per , Twitter has annual curiosity funds of about $1.5 billion because of the debt the corporate took on when Musk took it non-public for $44 billion. That is the most recent signal the aggressive cost-cutting measures Musk has undertaken within the final yr haven’t been sufficient to place the corporate on strong monetary footing. It additionally suggests the corporate’s newly appointed CEO, , has her work reduce out for her as she works to rebuild Twitter’s promoting base.

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