Elon Musk says Twitter has 'negative cash flow' and 'heavy debt'

Elon Musk says that Twitter is struggling with a 'heavy debt load' due to losing 50% of advertising revenue.

FILE PHOTO: Elon Musk, Chief Executive Officer of SpaceX and Tesla and owner of Twitter, gestures as he attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris, France, June 16, 2023. REUTERS/Gonzalo Fuentes/File PhotoElon Musk said Saturday that Twitter is struggling with a "heavy debt load" due to losing 50% of advertising revenue, resulting in the platform having a negative cash flow.

"We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load. Need to reach positive cash flow before we have the luxury of anything else," Musk

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

ABC /  🏆 471. in US

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Elon Musk says Twitter’s ad revenue has dropped by 50 percent | EngadgetIn the early hours of Saturday morning, Musk tweeted Twitter was suffering from an ongoing negative cash flow issue due to an approximately 50 percent drop in advertising revenue and heavy debt burden..
Read more »

Elon Musk says Twitter cash flow is negative due to ad revenue declines, ‘heavy debt'Musk said early Saturday that cash flow at Twitter remains negative because of a nearly 50% drop in advertising revenue coupled with “heavy debt.”
Read more »

Far right Twitter influencers first on Elon Musk’s monetization schemeThe first beneficiaries appear to be string of high profile far right influencers who tweeted before the announcement how much they’ve earned as part of the program. Ian Miles Cheong, Benny Johnson, and Ashley St. Claire all touted their earnings.
Read more »

Republicans defend Elon Musk in FTC’s Twitter probeFTC Chair Lina Khan tried to defend her work at the FTC.
Read more »

Elon Musk plan to pay big Twitter accounts unlikely to work outElon Musk's scheme to pay big Twitter accounts is rewarding his favorite trolls but probably won't entice major creators
Read more »

Elon Musk Is Threatening to Sue Meta for Ripping Off TwitterTwitter is threatening to sue Meta, arguing that it ripped off its platform with its 'copycat' Twitter-killer app Threads.
Read more »