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Twitter’s owner Ellon Musk has confirmed that the social media network that advertising revenue and a heavy debt has hampered the social media company to become profitable.
Back ins March of this year, Musk offered a prediction that Twitter had a chance of being cash flow positive by the second half of 2023. Ā A recent Tweet from Musk admitted that the social media network hasn’t met that mark.
When asked, Musk told followers:
“We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load, and that Twitter needs to reach positive cash flow before we have the luxury of anything else.”
The problem also stems from the social media network loosing 50% of the ad revenue over the past few months, which according to popular YouTube.com bloggers Clownfish TV has also hit other major online companies and services such as Google.com and news blogs and even shuttering some popular ones along the way because the ad revenue isn’t there anymore due to cost cutting measures that large and even small companies are now taking to save monies due to the financial downturn of recent months.
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