Elon Musk has admitted that Twitter is still in the red after a massive 50 percent drop in advertising revenue and heavy debt from the past.
Twitter has reached an all-time high in “device user seconds usage,” and almost all the advertisers who left have “either come back or they said they will come back.”
Still, the company is financially weak as several advertisers are yet to return to the platform after ditching it post-Musk takeover.
“We’re still negative cash flow, due to a 50 percent drop in advertising revenue plus heavy debt load,” Musk said in a tweet.
“Need to reach positive cash flow before we have the luxury of anything else,” he added.
