Under Musk, Twitter Ad Revenue Plummets
Advertising revenue has declined 89 percent under his purview
Twitter advertising dollars have plunged 89 percent since billionaire Elon Musk bought the social media platform in October, Bloomberg reported, and, as a result, revenue has dropped by half.
Twitter has seen a slight uptick in daily users since early 2022, the report said, but advertisers have not returned to the site amid the ongoing upheaval at the company. Since Musk took over Twitter in October, he’s slashed jobs by about 75 percent, leaving the company with less than 2,000 employees, and most of the content management team gone.
Last week, Musk valued the company at just $20 billion, less than half of what his investors paid for it.
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