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Elon Musk admits Twitter experienced a 50% drop in ad revenue, has 'heavy debt load'

Elon Musk arrives on the red carpet for The Met Gala at The Metropolitan Museum of Art celebrating the Costume Institute opening of "In America: An Anthology of Fashion" in New York City on Monday, May 2, 2022. File Photo by John Angelillo/UPI
Elon Musk arrives on the red carpet for The Met Gala at The Metropolitan Museum of Art celebrating the Costume Institute opening of "In America: An Anthology of Fashion" in New York City on Monday, May 2, 2022. File Photo by John Angelillo/UPI | License Photo

July 15 (UPI) -- Controversial billionaire Elon Musk admitted Saturday that his microblogging platform Twitter has experienced a roughly 50% drop in revenue and has a "heavy debt load."

"We're still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load. Need to reach positive cash flow before we have the luxury of anything else," Musk said in a tweet.

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It was not immediately clear over what period Twitter experienced that drop in advertising revenue and to whom the company owes debts. Twitter responded with the poop emoji in an email to UPI when asked for clarification.

Musk's revelation came in the form of a response to the Twitter account @netcapgirl which advised the billionaire to get a "consortium" together to have them buy the debt and do a "tender/exchange offer for convertible notes with more favorable terms."

On Friday, Musk said the global platform usage was up 3.5% from the previous week.

Meta's Threads, seen as the leading Twitter rival on the market, passed 100 million downloads less than a week after it launched. Other Twitter rivals include T2, founded by former Twitter employees Sarah Oh and Gabor Cselle, and Bluesky -- created by Twitter founder Jack Dorsey.

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