Twitter is dealing with a “heavy debt load” after losing about 50 percent of its advertising revenue, and that has resulted in the app having a “negative cash flow,” Elon Musk, the company’s owner, wrote on July 14.
“We’re still negative cash flow, due to ~50 percent drop in advertising revenue plus heavy debt load. Need to reach positive cash flow before we have the luxury of anything else,” Mr. Musk wrote on Twitter over the weekend. He didn’t elaborate.
It’s unclear what time frame Mr. Musk was referring to by the 50 percent drop in ad revenue. He has said Twitter was on track to post $3 billion in revenue in 2023, down from $5.1 billion in 2021….