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 Saturday, “We’re still negative cash flow, due to (about a) 50% 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 $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.
In April, 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. Musk said the restrictions were needed to prevent unauthorized scraping of potentially valuable data.
Actor Scarlett Johansson claims OpenAI used her performance in 'Her' to inspire its new audio chatbot. It could lead to major consequences for the tech company.
The S&P 500 is trading at a record high, partly driven by the boom in stocks related to AI. Nvidia is leading the pack, and it's set to announce its Q1 results.
In April, grocery prices rose by 1.2 percent, reaching pre-pandemic levels of food inflation. Could an e-commerce grocer be the solution? Thrive Market says yes
It’s an election year, and many citizens feel anxious about America's future. This CEO offers nonpartisan solutions in his book, “A Bold Plan For America."
A recent survey from DKC shows that Gen Alpha has strong spending power and is actually teaching their parents new ways to be consumers in today's world.
