Twitter’s revenue falls 40% ahead of Elon Musk’s payment deadline: Report
Twitter’s revenue is down 40 percent year over year and Elon Musk is yet to make his first mega interest payment by the end of January 2023. The information has been revealed by a reporter of the Platformer.
The first payment for interest on the $13 billion loan Elon Musk used to acquire Twitter is due at the end of January, leaving the CEO with tough choices such as selling more Tesla shares at a higher price.
Social media company
- Founded: 21 March 2006, San Francisco, California, United States
- Headquarters: San Francisco, California, United States
- CEO: Elon Musk (27 Oct 2022–)
- Founders: Jack Dorsey, Evan Williams, Noah Glass, Biz Stone
- Subsidiaries: Twitter Asia Pacific Pte. Ltd., Twitter France SAS, MORE
After the acquisition, Elon Musk changed some of Twitter’s rules. Along with this, big brands have left Twitter, due to which Twitter had to suffer in revenue. Twitter’s revenues are mainly derived from advertising. Its ‘monetizable’ user base of 217 million isn’t enough to make its finances. In comparison, Facebook has 1.93 billion subscribers. While Elon Musk’s many wooing efforts have brought back some brands, Twitter still has a long way to go to make it profitable again. Twitter has also suffered due to the fall in its shares.
Blue subscription also could not benefit
According to the report of a decline in Twitter’s revenue, the new Twitter Blue subscription has also failed to fill the coffers of the company. Twitter charges $8 per month for its premium membership, which gives users a range of features. The blue verification checkmark is now being given to users only on payment.
Big drop in revenue is raising Elon Musk’s BP
Twitter CEO Elon Musk has suffered a loss of $ 200 billion in his wealth in a year. In November 2021, Elon Musk’s wealth was $ 340 billion, but by the end of the year 2022, there was a huge decline in his wealth and Musk lost $ 200 billion in wealth. According to the Bloomberg Billionaire Index, Elon Musk was the richest person in the world from November 2021 to the year 2022, but now he has lost his position and remains at number two with a net worth of $ 137 billion.Must Read:-
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