Twitter proprietor Elon Musk mentioned Saturday that the social media platform he purchased for $44 billion final October has misplaced roughly half of its promoting income.
“We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load,” the billionaire mentioned in a submit, responding to a person who was giving strategies on financing for the platform.
“Need to reach positive cash flow before we have the luxury of anything else,” he added, with out additional elaboration.
Insider Intelligence has reported that Twitter was set to earn lower than $3 billion in 2023, down one-third from 2022.
Changes instituted by Musk since his takeover of Twitter have turned off customers and advertisers alike.
Earlier this month, Musk introduced that Twitter was limiting verified accounts to studying 10,000 tweets a day.
Non-verified customers — the free accounts that make up the majority of customers — are restricted to studying 1,000 tweets per day.
New unverified accounts can be restricted to 500 tweets.
A couple of days later Twitter mentioned TweetDeck, a well-liked program that permits customers to watch a number of accounts without delay, might be out there solely to “verified” customers from subsequent month.
The modifications got here as Threads, an app launched by Facebook father or mother Meta as a rival to Twitter, signed up greater than 100 million customers in its first 5 days.
Twitter is assumed to have round 200 million common customers however it has suffered repeated technical failures since Musk purchased the platform and sacked 1000’s of employees.
Musk has threatened to sue Meta for stealing commerce secrets and techniques and mental property, claims denied by the corporate.
Source: www.anews.com.tr
