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On Saturday (July 15), Elon Musk revealed that Twitter is struggling with a “heavy debt load” due to advertising revenue dropping 50 per cent. Responding to a user seemingly giving financial business advice to Musk, the billionaire replied explaining that the company is “still in negative cash flow, due to ~50 per cent drop in advertising revenue plus heavy debt load. Need to reach positive cash flow before we have the luxury of anything else.” Back in April, Musk had said Twitter was “roughly breaking even,” as most of its advertisers had returned. However, a New York Times report in early June found that Twitter’s revenue from US advertising was down 59 per cent from the previous year. Since taking over Twitter in October last year, Musk has faced constant scrutiny for his business decisions, cutting roughly 75 per cent of its workforce almost immediately, as well as reinstating users who were previously banned for breaking terms of service. Sign up to our free Indy100 weekly newsletter In May, Musk hired a new CEO, Linda Yaccarino, an ex-NBCUniversal advertising executive. The new hire was supposed to signal a fresh start for the platform under Musk’s ownership, but it clearly hasn’t worked in bringing previous advertisers back. Twitter has also caused new upset by imposing ‘rate limits’ on how many tweets users can view a day. At the time, Musk had said the restrictions were required to “address extreme levels of data scraping & system manipulation”. Another challenge that faces Twitter is Meta’s Threads, the new app it launched this week to compete with Twitter. Meta saw over 100 million users sign up in the first two weeks, but is yet to allow advertisers to host on the platform, despite interest. In response, Twitter threatened legal action, with Twitter’s attorney, Alex Spiro, accusing Meta for unlawfully using trade secrets and other intellectual property to create a “copycat” app. Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.

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Elon Musk says Twitter is still losing cash because advertising has dropped by half. In a reply to a tweet offering business advice, Mr Musk tweeted Saturday: “We’re still negative cash flow, due to (about a) 50 per cent drop in advertising revenue plus heavy debt load.” “Need to reach positive cash flow before we have the luxury of anything else,” he concluded. Ever since he took over Twitter in a $44bn deal last fall, Mr Musk has tried to reassure advertisers who were concerned about the ouster of top executives, widespread layoffs and a different approach to content moderation. Some high-profile users who had been banned were allowed back on the site. In April, Mr Musk said most of the advertisers who left had returned and that the company might become cash-flow positive in the second quarter. In May, he hired a new CEO, Linda Yaccarino, an NBCUniversal executive with deep ties to the advertising industry. But since then, Twitter has upset some users by imposing new limits on how many tweets they can view in a day, and some users complained that they were locked out of the site. Mr Musk said the restrictions were needed to prevent unauthorized scraping of potentially valuable data. Twitter got a new competitor this month when Facebook owner Meta launched a text-focused app, Threads, and gained tens of millions of sign-ups in a few days. Twitter responded by threatening legal action. Read More Elon Musk doppelganger fights fake Mark Zuckerberg in preview of cage match Twitter starts making payments to its controversial users, including $20k to Andrew Tate Threads: Elon Musk posts series of explicit tweets about Mark Zuckerberg

Twitter owner Elon Musk said Saturday that the social media platform he bought for $44 billion last October has lost roughly...

Twitter owner Elon Musk said the company still has a negative cash flow because of its heavy debt

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Elon Musk says Twitter is losing cash because advertising is still down sharply and the social media company is carrying heavy debt

Elon Musk disclosed on Twitter Saturday that, due to a 50% drop in advertising revenue and a "heavy debt load," the platform still has a negative cash flow.

Elon Musk promised that creators on Twitter would start getting paid for their tweets...back in