Twitter still losing cash, Elon Musk admits — he blames decreased advertising and heavy debt load
Posted on AllSides July 16th, 2023
From The Left
Jeff Chiu/AP
Twitter is still losing money, Elon Musk told a user this weekend.
Responding to a tweeter who offered financial advice, Musk wrote on 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 added.
Since acquiring Twitter for $44 billion in 2022, Musk has sought to reassure advertisers concerned by changes at the company, including the departure of top executives and shifts in content moderation.
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