Twitter loses half of its revenue

Twitter has lost roughly half of its advertising revenue since last October, according to its owner Elon Musk.
Musk, who has been outspoken about the difficulties facing the company, broke the figures in a tweet responding to a user who was giving suggestions on financing for the platform.
“We’re still negative cash flow, due to 50% drop in advertising revenue plus heavy debt load,” the billionaire tweeted.
“Need to reach positive cash flow before we have the luxury of anything else,” he added, without further elaboration.
Insider Intelligence has reported that Twitter was set to earn less than $3 billion in revenue in 2023, down one-third from 2022.
Earlier this month, Musk announced that Twitter was limiting verified accounts to reading 10,000 tweets a day, in a bid “to address extreme levels of data scraping” and “system manipulation” by third-party platforms.
Non-verified users — the free accounts that make up the majority of users — are limited to reading 1,000 tweets per day, while new unverified accounts are limited to 500 tweets.
Twitter has also said TweetDeck, a popular program that allows users to monitor several accounts at once, will only be available to verified users from next month.
The changes came as Threads, an app launched by Facebook parent Meta as a rival to Twitter, registered more than 100 million users in its first five days.
Earlier this year, the artificial intelligence app ChatGPT, created by OpenAI, took two months to reach the same number of active users.
According to some estimates, Threads has now reached 150 million users, with India leading the way, boosted by its link to Instagram that gives it a built-in audience of more than two billion users and spares the platform the challenge of starting from scratch.
Twitter is thought to have around 200 million regular users but it has suffered repeated technical failures since Musk bought the platform and sacked thousands of staff.