Twitter owner Elon Musk said Saturday that the social media platform he bought for $44 billion last October has lost roughly half of its advertising revenue.
“We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load,” the billionaire said in a post, responding to a user who was giving suggestions on financing for the platform.
“Need to reach positive cash flow before we have the luxury of anything else,” he added, without further elaboration.
Twitter was set to earn less than $3 billion in 2023, down one-third from 2022.
Changes instituted by Musk since his takeover of Twitter have turned off users and advertisers alike.
Earlier this month, Musk announced that Twitter was limiting verified accounts to reading 10,000 tweets a day.
Non-verified users — the free accounts that make up the majority of users — are limited to reading 1,000 tweets per day.
New unverified accounts would be limited to 500 tweets.