Elon Musk Says Twitter Ad Revenue Has Fallen

Twitter owner Elon Musk claims he is still losing money due to the fact that advertising on his social network has halved. 

As the AP notes, in response to a tweet offering business advice, Musk tweeted on Saturday: “We are still in negative cash flow due to a (roughly) 50 percent drop in ad revenue and a heavy debt load.”

Back in April, Elon Musk said that Twitter was not making a profit, but they stopped going into the red and if the trend had continued, they would have already received income.

The billionaire recently appointed a new CEO for the company, Linda Iaccarino. He’s probably banking on her advertising experience to win back advertisers.

So far, Twitter’s U.S. ad revenue for the five weeks of April 1 through the first week of May is down 59% year-over-year.

Earlier, Twitter announced that content creators would be able to earn a portion of the site’s advertising revenue, apparently to encourage more creators to join the site.