Elon Musk says Twitter’s ad revenue has dropped by 50 percent

Igor Bonifacic:

Twitter is still spending more money than it’s making, according to Elon Musk. In the early hours of Saturday morning, the billionaire tweeted the company was suffering from an ongoing negative cash flow issue due to an approximately 50 percent drop in advertising revenue and heavy debt burden. “Need to reach positive cash flow before we have the luxury of anything else,” Musk said.

The admission comes in the same week that Twitter’s ad-revenue sharing program began paying out some creators, including a handful of far-right influencers. On Friday, Musk also claimed the social network could see “all-time high device user seconds usage” sometime this week. He also previously said almost all the advertisers who had left the platform following his takeover in October had “either come back” or “said they will come back.”