Elon Musk disclosed on Twitter Saturday that, due to a 50% drop in advertising revenue and a “heavy debt load,” the platform still has a negative cash flow
The billionaire owner tweeted Saturday, in response to business advice from a follower, “Need to reach positive cash flow before we have the luxury of anything else.” The tweet is in stark contrast to his tone in April, when Musk told the BBC the platform is now “roughly breaking even” and that most of its advertisers have returned. Ad revenue has been a contentious issue and an uphill battle for the site, after hordes of advertisers fled after Musk took over.
Just 43% of Twitter’s top 1,000 advertisers as of September, the month before Musk’s takeover, were still advertising on the platform as of April, according to data provided to CNN by market intelligence firm Sensor Tower last month. “It’s definitely been extremely difficult,” Musk said in Twitter Spaces livestream event Musk hosted with Robert F. Kennedy, Jr last month. “Basically, our revenue is cut in half because we didn’t toe the line.
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