Elon Musk confirms the firm has a heavy debt load and income in June was not what had been expected.
Twitter has lost almost half of its advertising revenue since it was bought by Elon Musk for $44 billion (£33.6bn) last October, its owner has revealed.
He said the company had not seen the increase in receipts that had been expected in June, but added that July was a « bit more promising. »
Mr Musk sacked about half of Twitter’s 7,500 staff when he took over in 2022 in a effort to cut costs.
Rival app Threads now has 150 million users, according to some estimates.
Its in-built connection to Instagram automatically gives the Meta-designed platform access to a potential two billion users.
Meanwhile, its competitor is struggling under a heavy debt load.
