Jul 17, 2023

Twitter loses nearly half advertising revenue since Elon Musk takeover

Twitter has lost almost half of its advertising revenue since it was bought by Elon Musk for $44 billion last October, its owner has revealed. Mr Musk sacked about half of Twitter's 7,500 staff when he took over in 2022 in a effort to cut costs. After laying off thousands of employees and cutting cloud service bills, Mr Musk said Twitter was on track to post $3bn in revenue in 2023, down from $5.1bn in 2021. Earlier this month Twitter decided to restrict how many tweets its users could read. Unverified users can read 1,000 tweets, and verified users 10,000 per day, a move which the BBC said has baffled advertising executives. Linda Yaccarino, previously head of advertising at NBCUniversal, was taken on as CEO in June - a move suggesting advertising sales are still a priority for Twitter.

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