Twitter‘s advertising revenue has plummeted by approximately 50 percent since Elon Musk acquired the social media platform last October for a staggering $44 billion.
In response to a user’s suggestion on financing options for the struggling company, Musk revealed the financial challenges they were facing.
“We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load,” the billionaire tweeted.
The situation appears to be dire for Twitter, as Insider Intelligence predicts that the platform’s earnings for 2023 will be less than $3 billion, a one-third decrease from the previous year.
Since Musk’s takeover, his implementation of various changes has alienated both users and advertisers, exacerbating the company’s woes.