Elon Musk says Twitter is still losing cash because advertising has dropped by half. In a reply to a tweet offering business advice, Musk tweeted on Saturday, We’re still negative cash flow, due to (about a) 50 percent 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 USD 44 billion deal last fall, 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.