Elon Musk, who bought Twitter for $44 billion last October, said on Saturday that the social media site has lost about half of its advertising income.
“We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load,” the billionaire said in a post in response to a user who was giving ideas on how to pay for the platform.
Insider Intelligence said that Twitter would make less than $3 billion in 2023, which is about a third less than in 2022.
Since Musk took over Twitter, he has made changes that have turned off both users and marketers. Musk said earlier this month that confirmed Twitter accounts would only be able to read 10,000 tweets per day.
Non-verified users, who have free accounts and are the majority of Twitter users, can only read up to 1,000 tweets per day.
New accounts that aren’t confirmed would only be able to send 500 tweets.
A few days later, Twitter said that starting next month, only “verified” users will be able to use TweetDeck, a popular tool that lets users check several accounts at once.
ALSO: Meta’s Threads Hits 100 Million Users in 5 Days
People think that about 200 million people use Twitter regularly, but the site has had a lot of technical problems since Musk bought it and fired thousands of people.
Musk has said that he is going to sue Meta for taking trade secrets and intellectual property, but the company has denied this. READ: Twitter Threatens Legal Action Against Meta as Threads App Gains Popularity
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