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Musk says Twitter has lost half its advertising revenue

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="An illustration photo of Twitter landing page taken in Belgrade, Serbia on April 26, 2022. Elon Musk, the world’s richest person, acquired Twitter for roughly US$44 billion Andrej Cukic, EPA-EFE/file" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/life/04/26/20220426-twitter-epa-efe.jpg"/><figcaption>An illustration photo of Twitter landing page taken in Belgrade, Serbia on April 26, 2022. Elon Musk, the world’s richest person, acquired Twitter for roughly US$44 billion. <em>Andrej Cukic, EPA-EFE/file</em></figcaption></figure></div><p>NEW YORK — Twitter owner Elon Musk said Saturday that the social media platform he bought for $44 billion last October has lost roughly half of its advertising revenue.</p><p>&quot;We&#x27;re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load,&quot; the billionaire said in a post, responding to a user who was giving suggestions on financing for the platform.</p><p>&quot;Need to reach positive cash flow before we have the luxury of anything else,&quot; he added, without further elaboration.</p><p>Insider Intelligence has reported that Twitter was set to earn less than $3 billion in 2023, down one-third from 2022.</p><p>Changes instituted by Musk since his takeover of Twitter have turned off users and advertisers alike.</p><p>Earlier this month, Musk announced that Twitter was limiting verified accounts to reading 10,000 tweets a day.</p><p>Non-verified users—the free accounts that make up the majority of users— are limited to reading 1,000 tweets per day.</p><p>New unverified accounts would be limited to 500 tweets.</p><p>A few days later Twitter said TweetDeck, a popular program that allows users to monitor several accounts at once, will be available only to &quot;verified&quot; users from next month.</p><p>The changes came as Threads, an app launched by Facebook parent Meta as a rival to Twitter, signed up more than 100 million users in its first five days.</p><p>Twitter is thought to have around 200 million regular users but it has suffered repeated technical failures since Musk bought the platform and sacked thousands of staff.</p><p>Musk has threatened to sue Meta for stealing trade secrets and intellectual property, claims denied by the company.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/10/23/twitter-rival-threads-signs-up-100-million-users-in-five-days">Twitter rival Threads signs up 100 million users in five days</a></li></ul><div><strong>© Agence France-Presse</strong></div><div><strong>FROM THE ARCHIVES:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2380585" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Twitter owner Elon Musk said the social media platform he bought for $44 billion last October has lost roughly half of its advertising revenue.