Elon Musk said Twitter’s cash flow remains negative because of a nearly 50% drop in advertising revenue and a heavy debt load.
“We need to achieve positive cash flow before we have the luxury of anything else,” the billionaire said in a tweet on Saturday (15).
After Musk bought Twitter in October last year, the company faced months of chaos, including layoffs of thousands of employees, criticism of lax content moderation and the departure of many advertisers who didn’t want their ads to appear alongside inappropriate content.
The hiring of Linda Yaccarino, former head of publicity for Comcast’s NBCUniversal, as CEO signaled that ad sales remain a priority for the company even as Musk works to increase subscription revenue. Yaccarino started working on Twitter in early June.
On Thursday (13), the platform said that selected content creators will be eligible to get a share of the ad revenue that the company earns, in an attempt to attract more of that profile of users to the site.
