Owner Elon Musk tweeted that Twitter is losing money due to a 50% drop in advertising revenue and high debt. After Musk took over, major advertisers stopped advertising on Twitter in protest of the reforms brought in by Twitter. Apart from this, there are many other debts from Twitter office rent.
A new CEO was hired in May, but restrictions on users’ ability to read tweets and the arrival of Meta’s Threads app have been challenging.
