Twitter ad revenue down 50%: Elon Musk

Elon Musk, who began paying a select group of creators as promised, has admitted Twitter’s balance sheet is still in the red due to a 50 percent drop in ad revenue and heavy debt. Still, the company is financially weak because many of the advertisers who left after Musk’s acquisition have yet to return to the company.

“Our cash flow is negative due to a 50 percent decline in advertising revenue and a heavy debt burden,” Musk said in a tweet.

For this reason, Musk also suspended 7500 employees. The Tesla CEO and SpaceX acquired the micro-blogging platform last October for $44 billion, which included nearly $13 billion in debt.

Still, it’s unclear how much Twitter paid creators in the first round of payments.

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