Twitter: billing is low with less ads, says Musk – 07/15/2023 – Market

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, Comcast’s former head of advertising for NBCUniversal, as CEO signaled that ad sales remain a top priority for the company even as Musk works to increase subscription revenue. Yaccarino started working on Twitter in early June.

On Thursday, the platform said that select creators will be eligible to get a share of the ad revenue the company earns in an attempt to attract more creators to the site.