Twitter's Ad Revenue Plummets

Twitter's ad revenue has plummeted since Elon Musk acquired it $44 billion in October of last year. Despite Musk's aggressive cost-cutting measures, Twitter has struggled to regain advertisers who left following changes to its content moderation rules. The company has seen a nearly 50% drop in ad revenue, failing to meet sales expectations in June, and is burdened with a heavy debt load and negative cash flow, according to Musk. With a $13 billion debt repayment deadline approaching, Musk may be forced to sell more of his stake in Tesla, which could potentially impact the stock of the electric carmaker. Twitter had previously suggested that most advertisers had returned, but recent data indicates otherwise. Linda Yaccarino, the new CEO of Twitter, who previously led advertising at NBCUniversal, has focused on video, creator, and commerce partnerships. The company reportedly talks with political and entertainment figures, payment services, and news and media publishers to boost revenue.