Elon Musk admits that Twitter income is down by half

Twitter proprietor Elon Musk has conceded in a Twitter Space that firm income has been lower almost in half since he took possession final 12 months.

The admission Monday got here throughout a dialog, hosted by Mr. Musk, with Democratic presidential hopeful Robert F. Kennedy Jr. Mr. Musk mentioned it has been a battle for Twitter to interrupt even after a number of high-profile advertisers pulled out of Twitter. He attributed the loss to vindictive firms who oppose free speech.

Mr. Musk mentioned he stays decided.

“I don’t care how much it costs or what it takes … If we lose free speech we lose democracy,” he mentioned.

His feedback are in sharp distinction to his latest statements about Twitter income. In April, when he was nonetheless CEO, Mr. Musk urged the corporate’s promoting woes had been over when he claimed that almost all advertisers are already again or had been planning to return.

According to new stories, nonetheless, Twitter’s promoting income is down greater than 50% from the place it was on the similar time final 12 months. In April, Twitter recorded $88 million in promoting income, down 59% from the 12 months earlier than.

Mr. Musk asserted beforehand that Twitter is price not less than half of what he paid for it, marking it at about $20 billion. Last week, monetary big Fidelity reported that the corporate was price $15 billion.

Before Mr. Musk took over, promoting made up about 90% of the corporate’s income. Critics say Mr. Musk alienated key advertisers by posting conspiracy theories, creating logistical confusion with large layoffs and welcoming again controversial accounts.

The large loss in income appears to drive a lot of Mr. Musk’s decision-making at Twitter. The firm’s new CEO, Linda Yaccarino, was possible chosen for her earlier expertise as an promoting govt at NBCUniversal.