Elon Musk says Twitter is still losing cash because advertising has dropped by half.
In a reply to a tweet offering business advice, Musk tweeted Saturday, “We’re still negative cash flow, due to (about a) 50% drop in advertising revenue plus heavy debt load.”
“Need to reach positive cash flow before we have the luxury of anything else,” he concluded.
Ever since he took over Twitter in a $44 billion deal last fall, Musk has tried to reassure advertisers who were concerned about the ouster of top executives, widespread layoffs and a different approach to content moderation. Some high-profile users who had been banned were allowed back on the site.
In April, Musk said most of the advertisers who left had returned and that the company might become cash-flow positive in the second quarter.
In May, he hired a new CEO, Linda Yaccarino, an NBCUniversal executive with deep ties to the advertising industry.
But since then, Twitter has upset some users by imposing new limits on how many tweets they can view in a day, and some users complained that they were locked out of the site. Musk said the restrictions were needed to prevent unauthorized scraping of potentially valuable data.
Twitter got a new competitor this month when Facebook owner Meta launched a text-focused app, Threads, and gained tens of millions of sign-ups in a few days. Twitter responded by threatening legal action.
A fire at a New York City e-bike shop quickly spread to upper-floor apartments and killed four people early Tuesday in the latest deadly blaze linked to exploding lithium ion batteries.
Electric aircraft maker Eve and Blade plan to integrate Eve's upcoming flying car into Blade's European route network under a partnership expansion.
Twitter is planning to pivot to video content, according to Reuters. Cheddar News explains how the tech giant looks to double down on video, creative and e-commerce strategies.
Twitter has a new plan for success, and it involves an old strategy. According to a recent report from Reuters, the platform plans to pivot to video, and Cheddar News Senior Reporter Michelle Castillo is here to talk about what video means for twitter’s future.
A hovercraft traveling from Cape Cod to Nova Scotia became a beachside attraction when it was deliberately run aground after suffering a 3-foot tear in its skirt.
Artificial intelligence is revolutionizing how people work, including in creative industries. The famous Tribeca Film Festival featured some projects recently that used A.I. that some filmmakers say make it more creative. Cheddar News took a peek at some of those films.
The Department of Energy and several other federal agencies were compromised in a Russian cyber-extortion gang's global hack of a file-transfer program popular with corporations and governments, but the impact was not expected to be great, Homeland Security officials said Thursday.
Rivian is expanding into New York City and launching its first showroom there. Cheddar News took a look at the showroom in NYC that the company is calling "spaces," which is intended to be experiential retail locations to woo new customers.
Amazon is using A.I. to sum up product reviews on its site.
How AI Could Change the Future of Work
