Posted on 07/18/2023 6:34:41 PM PDT by DoodleBob
Elon Musk said Twitter was still losing money, blaming a "heavy debt load" and sliding advertising revenue.
In a tweet replying to a user who suggested Musk get a consortium together to buy Twitter's debt, he bemoaned the company's uncomfortable financial position.
"We're still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load," Musk tweeted. "Need to reach positive cash flow before we have the luxury of anything else."
Musk's made sweeping changes to Twitter since paying $44 billion to buy it last October, including cutting about 90% of the workforce.
Still, Musk faces a steep uphill battle to make the firm profitable. The takeover was financed with huge amounts of borrowing and the interest payments alone are estimated to be about $1.5 billion a year, Reuters reported.
Fidelity, an asset manager, estimated in May that Twitter was now worth just $15 billion – even before Meta launched Threads, which Mark Zuckerberg hopes will be a Twitter killer.
Advertisers voted with their feet after Musk's takeover, with half of its biggest spending leaving in the following month.
While Musk told BBC News that advertisers had returned, an internal document shared with The New York Times in June showed that ad revenue had dropped by almost 60%.
(Excerpt) Read more at businessinsider.com ...
Oh well, anyway.
$44 billion does not buy what is used to.
God bless him for trying to make things a bit more fair. I hope it pays off for him.
Twitter is leaving a lot of money on the table due to Twitter still banning conservative voices for petty BS.
I can’t even read anything there anymore.
There are several conservatives that I like to follow but now I cannot even read anyone’s postings. I see their profile pic and that is it.
If he bought it for that amuch money, and it totally flopped, it
would have at least destroyed one Leftist haven.
Who’s stuff can’t you read?
I wonder if Twitter really ever made any money? It was probably paid by our tax dollars in some government scam to control a popular social media site.
Musk is WAY ahead of everyone else.
Wasn’t the objective to profit?
You have to have an account to read there now. Just like Facebook.
No twitter memer,here. The only Tucker messages which could
be seen came from other Freepers posting them. However, that
is now changed. Tucker is now up and running on his new site:
https://tuckercarlson.com/
Also,heard today that he will be joining Pulic Square.com
from this youtube video:
https://www.youtube.com/watch?v=vUA5AEczTJ8
Tucker found a home. :-) Nothing against Musk, wish him the best. It’s the twitter overall which is found to be
the fly in the ointment.
sorry, that should read Public Square (finger jam)
He should have bought FOX instead and kept Tucker and Dan Bongino on the air.
And whatever happened to Kennedy? She disappeared from FOX some time ago.
Maybe it could, at least, slow the hemorrhaging if it wasn’t just one giant Leftist echo chamber, while at the same time being nothing but Ron DeSantis fanboi’s/fangirls.
Are you on Twitter?
I got my account suspended for trolling Judy Woodruff over QAnon.
I can still sign on, but am not allowed to do anything.
Because of the data limitations, most of the time I can’t see any posting or comments. Only at low volume times like the middle of the night.
“I cannot even read anyone’s postings.”
Same, here, except for a direct Twitter link to a specific Tweet, such as:
https://twitter.com/EuromaidanPR/status/1680899894389665792
I can read that, but only that - no Twitter replies to that.
I have an account but am permanently suspended - I reported a few people who were threatening DJT and his family. I was temporarily suspended and then when reinstated, I followed Dan Bongino and was immediately permanently suspended.
I was in a ‘read only’ mode, which was fine, but now cannot see anything but someone’s profile pic, their one sentence profile and the blue phrase ‘Something went wrong, Retry’ but nothing happens.
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