Elon Musk may have a knack for making money, but you wouldn’t know it from looking at Twitter’s financial statements.
Since the billionaire took over the social media giant in October, Twitter has lost $44 billion, Musk has revealed. The loss is mostly due to a major drop in ad revenue as a number of advertisers have jumped ship, many of them landing at Twitter’s rival, Threads. While Musk admits June’s ad revenue was down, he says July’s is “a bit more promising.”
The announcement comes in spite of Musk’s effort to cut costs by firing more than 3,250 staffers after he took over the website.