Twitter has lost almost half of its advertising revenue since it was bought by Elon Musk for $44 billion last October, according to the BBC.
The media outlet also stated, Musk fired about half of Twitter’s 7,500 staff when he took over in 2022 to cut costs.
Its cash flow remains negative due to a 50 per cent drop in advertising revenue and a heavy debt load, said Elon Musk on Twitter.
Ad revenue has been a consistent issue and advertisers have been concerned about content moderation, layoffs and uncertainty about Twitter’s future.
Musk has placed a range of restrictions and cost cutting measures such as giving blue checkmarks with a Twitter Blue membership.
Yet Twitter announced content creators would be able to generate revenue from the site, encouraging more creators to join the site.
To be eligible, the creators must have Twitter Blue and have at least 5 million impressions on their posts in each of the last three months
Rival app Threads now has 150 million users with a built in connection to Instagram, giving access to roughly two billion users.
Twitter is estimated to have around 200 million regular users but Threads, in contrast, appears to have no restrictions on the number of posts users can view.
