Twitter sees 50% plunge in ad revenue: Musk
remains negative because of a nearly 50% drop in advertising revenue and a heavy debt load, Elon Musk said on Saturday, falling short of his expectation in March that“Need to reach positive cash flow before we have the luxury of anything else,” Musk said in a tweet replying to suggestions on recapitalisation.
After laying off thousands of employees and cutting cloud service bills, Musk had said the company reduced its non-debt expenditures to US$1.5-billion from a projected $4.5-billion in 2023. Twitter also faces annual interest payments of about $1.5-billion as a result of the debt it took on in the $44-billion deal that took the company private.
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