Twitter has lost around half of its advertising revenue since Elon Musk bought the company for £33billion in October last year.
The billionaire said the social media site was being hampered by a ‘50 per cent drop in advertising revenue’ as well as its ‘heavy debt load’.
In a tweet, the tycoon said the company ‘did not see the increase in advertising revenue that was expected in June’. But Musk, 52, added: ‘July is a bit more promising.’
Twitter owner Elon Musk (pictured) said the social media site was being hampered by a ‘50% drop in advertising revenue’ as well as its ‘heavy debt load’
Twitter has had a bumpy ride in the last nine months, having laid off more than half of its workforce to drive down costs.
Musk said the company has reduced its debt pile to £1.2billion from a projected £3.4billion in 2023 because of these cuts.
It was reported that many advertisers left Twitter after Musk first took the company private – largely out of fear of his lax moderation policies.
In April, he told the BBC that ‘almost all advertisers have come back or said they are going to come back’.
He has previously said that Twitter was on track to post £2.3billion in revenue in 2023, down from £3.9billion in 2021.
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