Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Twitter hit by 40% revenue drop amid ad squeeze after Musk takeover

by January 19, 2023
January 19, 2023
Twitter hit by 40% revenue drop amid ad squeeze after Musk takeover

Twitter remains in the grip of an advertising squeeze, with the social media platform hit by a 40% drop in revenue after more than 500 clients paused their spending, according to reports.

The company’s daily revenue was down 40% year-over-year, the tech newsletter the Platformer reported, while the news site the Information said staff were told more than 500 of Twitter’s top advertisers had halted spending since Elon Musk bought it in October.

Advertising is the main source of income for Twitter, accounting for more than 90% of its $5.1bn in revenue in 2021, but clients including Audi and Pfizer are among the firms that have paused after the Tesla CEO’s $44bn (£35bn) takeover.

Concerns about an increase in hate speech on the platform after its acquisition by a self-described “free speech absolutist” have prompted advertisers to withdraw in droves. They have also been alarmed by a spate of impersonator accounts that flourished on the site after a botched relaunch of its blue tick scheme for verified users.

Giving more detail on the 40% figure, the Information reported that a senior Twitter manager had told staff on Tuesday that the revenue for that day was 40% lower than the same day a year ago.

And in a further report on Wednesday, the Information said that Twitter’s revenue for the fourth quarter alone fell about 35%, according to details shared at an internal staff meeting.

The reports came as the Financial Times reported that Twitter was due to make payments on its near-$13bn debt burden as soon as the end of this month, with Musk considering options including selling more of his shares in Tesla or even putting Twitter into bankruptcy protection. Musk sold more than $20bn worth of shares in Tesla last year to help finance the Twitter deal.

He said in December that Twitter was facing a “negative cashflow situation of $3bn a year” but claimed the company should “roughly” reach cashflow break-even after cost-cutting efforts, including the departure of more than 5,000 staff. He also said last month that the company was “not on the fast lane to bankruptcy any more”, having warned in the immediate aftermath of his takeover that Twitter was in danger of going bust.

Read more:
Twitter hit by 40% revenue drop amid ad squeeze after Musk takeover

0
FacebookTwitterGoogle +Pinterest
previous post
10 Tips for Stress-Free Travel to England
next post
Seed capital funding launches for UK entrepreneurs in colour or dyeing industries

You may also like

7 Essential Books to Read Before Law School

March 2, 2023

UK economy posts surprise growth at end of...

February 17, 2025

HMRC faces backlash over six month closure of...

March 20, 2024

Pay gap at UK’s largest companies widens

December 18, 2023

Three quarters of ousted Tory MPs eyeing a...

January 4, 2025

How to Assess Investment Risk: A Guide for...

February 10, 2025

Google vows tougher measures on fake reviews after...

January 24, 2025

Stellar Repair for QuickBooks Review 2024

May 20, 2024

Sales rise at Euan Blair’s Multiverse but annual...

March 29, 2025

Estate agents’ books fill up as mortgage rates...

October 21, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Friday Feature: Helena Homeschool Enrichment Co-op

      August 22, 2025
    • Justice Jackson accuses Supreme Court of ensuring Trump ‘always wins’ in scathing dissent

      August 22, 2025
    • John Bolton blasted by Trump ally Roger Stone, who faced Biden FBI raid: ‘Karma is a b—-‘

      August 22, 2025
    • Trump–Bolton feud back in focus after FBI raid: ‘Never had a clue … what a dope!’

      August 22, 2025
    • James Comer praises Kash Patel for ‘holding deep state accountable’ as FBI raids John Bolton’s home

      August 22, 2025
    • From Tariff Shock to Mild Sting: How the EU Deal Could Affect Drug Prices for Patients

      August 22, 2025

    Categories

    • Business (8,855)
    • Investing (2,234)
    • Politics (16,463)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved