Since Elon Musk bought Twitter in October last year, advertising revenue has halved. Many advertisers broke contracts, but two companies were singled out by the billionaire during the Technology, Media and Telecommunications Conference in San Francisco as the main sources of income for the social network.
They are Disney and Apple, which continued with their advertisements even after the change in leadership and did not join the boycott raised by some groups, which doubted the security and stability of the platform after new measures. Musk argues that the platform must combat bots and consolidate itself as a recognized medium for freedom of expression – something quite contradictory for some companies.
According to the executive, with the drop in advertising revenue and the additional debt payments that Twitter needs to make (on top of the approximately $12.5 billion in debt that Musk needed to close the transaction), the company would be on the way going bankrupt in four months. Faced with this, he tries to indirectly justify the massive layoffs he has carried out in recent months, which reduced the workforce by 70%.
In a presentation about the company’s prospects, Elon Musk revealed that he intends to improve ad serving to ensure functioning and earning income. He also took the opportunity to reinforce that the platform will only be a basis for a new project, X, which should allow sending money and obtaining interest on transactions.
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