Previous Adjusted Earnings Show Twitter's Ad Revenue Dropped 40%

With a wave of advertisers cutting back, Twitter has announced a 40% year-over-year decline in ad revenue and adjusted earnings for December.

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After Elon Musk's controversial $44 billion purchase of the social media network in late October, according to Trade Algo, advertisers reduced their spending on Twitter.

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Musk bemoaned the company's "huge reduction in revenue" just one week after taking over the dominant social media platform, which he attributed to "activist groups pressing advertisers."

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Several well-known companies cut back on spending due to worries about content filtering, including General Mills, United Airlines, and Oreo Mondelez.

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In December, Musk stated that the business was on schedule to reach "approximately cash flow break-even" status in 2023. Twitter paid the first interest on a borrowing from banks in January.

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In the beginning of February, Musk stated that the previous three months had been "very tough" due to the fact that he had to "rescue Twitter from bankruptcy" while still running Tesla and SpaceX.

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When Musk called Twitter "the world's largest non-profit" despite the fact that it was losing millions of dollars every day, he was making fun of both himself and Twitter.

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The billionaire wrote, "Say what you want about me, but I acquired the world's largest non-profit for $44B lol.

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