The CEO of Tesla and SpaceX, the owner of the social media platform Twitter, famous billionaire Elon Musk, announced that the advertising revenues of the platform fell by half in his response to a user on Twitter.
“WE ARE STILL IN NEGATIVE CASH FLOW”
In his response, Musk said, “We are still in negative cash flow due to the nearly 50% drop in ad revenue and heavy debt load. We need to reach positive cash flow before we can have another luxury.”
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.
— Elon Musk (@elonmusk) July 15, 2023
It’s unclear what timeframe Musk is referring to by the 50% drop in ad revenue.