- Twitter lost nearly half of its advertising revenue after Elon Musk bought the company.
- Reportedly, advertising companies are against Musk’s content moderation approach.
- Binance CEO Changpeng Zhao shared his ideas to implement crypto into Twitter.
Twitter’s advertising revenue fell by almost half after tech billionaire Elon Musk acquired the company for $44 billion in October. Musk revealed in an interview that the company didn’t see the increase in sales that had been expected, the BBC reported.
We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load. Need to reach positive cash flow before we have the luxury of anything else.— Elon Musk (@elonmusk) July 15, 2023
Earlier last month, Musk limited the number of tweets users can see daily. He said he had “to address extreme levels of data scraping and system manipulation.” After the announcement, many advertising companies stopped running ads on Twitter. “When users go onto the platform, they’re served ads. The more time they spend on Twitter, the more ads they see. The equation is pretty simple. That’s the business,” the BBC wrote in their article.
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The post Elon Musk Effect: Twitter Loses Half of Advertising Revenue Since October appeared first on Coin Edition.