Elon Musk says Twitter advertising revenue plunges, usage up
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Meta's Threads, seen as the leading Twitter rival on the market, passed 100 million downloads less than a week after it launched.
Billionaire Elon Musk admitted Saturday that his microblogging platform Twitter has experienced a roughly 50% drop in revenue and has a “heavy debt load.”
“We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load. Need to reach positive cash flow before we have the luxury of anything else,” Musk said in a tweet.
It was not immediately clear over what period Twitter experienced that drop in advertising revenue and to whom the company owes debts.
Musk’s revelation came in the form of a response to the Twitter account @netcapgirl which advised the billionaire to get a “consortium” together to have them buy the debt and do a “tender/exchange offer for convertible notes with more favourable terms.”
On Friday, Musk said the global platform usage was up 3.5% from the previous week.
Meta’s Threads, seen as the leading Twitter rival on the market, passed 100 million downloads less than a week after it launched.
Other Twitter rivals include T2, founded by former Twitter employees Sarah Oh and Gabor Cselle, and Bluesky — created by Twitter founder Jack Dorsey.
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