Elon Musk says Twitter’s ad revenue is down 50% and cash flow is negative

Elon Musk disclosed on Twitter Saturday that, due to a 50% drop in advertising revenue and a “heavy debt load,” the platform still has a negative cash flow.

The billionaire owner tweeted Saturday, in response to business advice from a follower, “Need to reach positive cash flow before we have the luxury of anything else.”

The tweet is in stark contrast to his tone in April, when Musk told the BBC the platform is now “roughly breaking even” and that most of its advertisers have returned.