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Musk says Twitter is losing cash because advertising is down and the company is carrying heavy debt

By The Associated Press - Jul 15, 2023, 07:36 PM ET
Last Updated - Aug 16, 2024, 06:29 AM EDT
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Ever since he took over Twitter in a $44 billion deal last fall, Musk has tried to reassure advertisers who were concerned about the ouster of top executives, widespread layoffs and a different approach to content moderation. Some high-profile users who had been banned were allowed back on the site

Elon Musk says Twitter is losing cash because advertising is still down sharply and the social media company is carrying heavy debt

 Elon Musk says Twitter is still losing cash because advertising has dropped by half. 

“Need to reach positive cash flow before we have the luxury of anything else,” he concluded. 

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Ever since he took over Twitter in a $44 billion deal last fall, Musk has tried to reassure advertisers who were concerned about the ouster of top executives, widespread layoffs and a different approach to content moderation. Some high-profile users who had been banned were allowed back on the site

In April, Musk said most of the advertisers who left had returned and that the company might become cash-flow positive in the second quarter. 

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