2023-07-16 15:12:53
Billionaire Elon Musk announced that Twitter, which he bought for $44 billion last October, has lost nearly half of its revenue.
Musk responded via Twitter yesterday, Saturday, to a user who made strategic suggestions regarding the future of the network, saying, “We are still in a negative cash flow situation, due to a decrease of approximately 50% in revenue, and heavy burdens related to indebtedness.”
“We have to get to positive cash flow before we can have the luxury of doing anything else,” he added, without providing further details.
The steps taken by Elon Musk since his acquisition of Twitter have alarmed platform users and advertisers. And last May, the “Insider Intelligence” company indicated that the Twitter platform is on its way to achieving profits of less than $ 3 billion in 2023, regarding a third less than it was in 2022.
Musk announced that he had taken additional steps that increased users’ discontent, including his announcement in early July to limit the number of tweets allowed to be read to 10,000 per day for verified accounts, and 1,000 per day for unverified accounts, down to 500 tweets per day only for new accounts, and those restrictions were later abolished.
A few days later, Twitter announced that the TweetDeck service, which is widely used by information professionals, will be limited, starting next month, to verified account holders, that is, subscribers to paid Twitter services.
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