Elon Musk says Twitter remains to be shedding money as a result of promoting has dropped by half.
In a reply to a tweet providing enterprise recommendation, Musk tweeted Saturday, “We’re nonetheless unfavorable money stream, because of (a couple of) 50% drop in promoting income plus heavy debt load.”
“Want to achieve constructive money stream earlier than we’ve the luxurious of anything,” he concluded.
Ever since he took over Twitter in a $44 billion deal final fall, Musk has tried to reassure advertisers who have been involved concerning the ouster of high executives, widespread layoffs and a unique method to content material moderation. Some high-profile customers who had been banned have been allowed again on the location.
In April, Musk mentioned many of the advertisers who left had returned and that the corporate would possibly turn into cash-flow constructive within the second quarter.
In Could, he employed a brand new CEO, Linda Yaccarino, an NBCUniversal govt with deep ties to the promoting trade.
However since then, Twitter has upset some customers by imposing new limits on what number of tweets they will view in a day, and a few customers complained that they have been locked out of the location. Musk mentioned the restrictions have been wanted to stop unauthorized scraping of doubtless invaluable information.
Twitter obtained a brand new competitor this month when Fb proprietor Meta launched a text-focused app, Threads, and gained tens of tens of millions of sign-ups in just a few days. Twitter responded by threatening authorized motion.