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Tech Twitter is in negative cash flow due to 50% drop in advertising revenue, says Elon Musk ‘Need to reach positive cash flow before we have the luxury of anything else’
Elon Musk buys Twitter for $44bn Your support helps us to tell the story From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference. Read more 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.
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