Insider Intelligence reported that Twitter was set to earn less than US$3 billion in 2023, down one-third from 2022.
Twitter owner Elon Musk said on Saturday that the social media platform he bought for US$44 billion last October has lost roughly half of its advertising revenue.
“We’re still negative cash flow, due to ~50 per cent drop in advertising revenue plus heavy debt load,” the billionaire said in a post, responding to a user who was giving suggestions on financing for the platform.
“Need to reach positive cash flow before we have the luxury of anything else,” he added, without further elaboration.
Insider Intelligence has reported that Twitter was set to earn less than US$3 billion in 2023, down one-third from 2022.
Since he took over Twitter, Musk has tried to reassure advertisers who were concerned about the ouster of top executives, widespread lay-offs and a different approach to content moderation.
