Elon Musk, who acquired Twitter in a debt-laden $44 billion deal a little over four months ago, said advertising revenue has dropped as much as 50% since he took over. But the mega-billionaire tech…
in a debt-laden $44 billion deal a little over four months ago, said advertising revenue has dropped as much as 50% since he took over.
Musk painted a dire picture of Twitter’s finances. He said with the drop in ad revenue and the additional debt payments Twitter needs to make , the company was on pace to go bankrupt in four months. The situation required “immediate and drastic action,” Musk said. Musk said Twitter has a lot of room to improve the way it monetizes time spent on the platform. On a daily basis, Twitter generates 130 million hours of attention from “the smartest people on Earth,” he claimed; currently, however, the company earns just 5-6 cents of ad revenue per hour of that time.
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