Twitter Has Lost Half Its Advert Revenue-Elon Musk

Twitter CEO, Elon Musk, has disclosed that his popular micro blog outfit has lost about half of its advertising revenue.

He made the disclosure in a post Saturday, while responding to a user who offered financing suggestions for the social media platform Musk acquired with $44bn late 2022.  

“We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load,” he said in his reaction.

“Need to reach positive cash flow before we have the luxury of anything else,” he added.

Sources within Twitter say the social media network’s earning in 2023 would be down by about one-third compared to what it earned the previous year.

They attribute reasons to changes Musk put in place shortly his take over, adding that most them turned users and advertisers off.

While announcing more changes early July, Musk trimmed verified accounts to reading 10,000 tweets and 1,000 for Non-verified accounts per day. According to the new order, new unverified accounts are limited to 500 tweets.

Musk followed that up with another policy change which barred Non Verified accounts from having access to TweetDeck, a programme that provides users with the opportunity to monitor a number of accounts simultaneously, beginning August.

Twitter, which has suffered technical glitches since Musk took over, has 200 million regular users, compared to its newest rival, Threads, which grossed over 100 million users within five days of its advent.

Recent changes made by Musk are said to be in reaction to Threads’ emergence, the outfit he has threatened to sue, via its parent body, Meta, for allegedly stealing industry secrets and intellectual property.