Bad news continues to pile up for Elon Musk ahead of his billionaire battle with Mark Zuckerberg after he confirmed Twitter lost almost half of its advertising revenue since last October.
Musk said the social media platform, which he bought for US$44bn around nine months ago, had not seen the increase in sales it hoped for in June, but that July was a “bit more promising”.
Twitter is also struggling under heavy debt and a negative cash flow, according to the BBC.
Advertisers quickly left the site after Musk completed his takeover over concerns about the new content moderation rules.
After laying off thousands of employees and cutting cloud service bills, Musk said Twitter was on track to post US$3bn in revenue in 2023, down from US$5.1bn in 2021.