At that time, many of the advertisers suspended cooperation with the platform. Since taking over by Elon Musk late last October, the Twitter business continues to experience a painful transformation, with fresh data suggesting that the billionaire is forced to continue layoffs after promising to stop. Additionally, it became known that the company's revenue in December last year decreased by almost 40% compared to the same period in 2021. 3dnews writes about it.
According to The Wall Street Journal, citing an internal Twitter mailing list for investors, in addition to lower revenue, the company's adjusted earnings also showed the same dynamics. Around then, large numbers of the publicists suspended collaboration with Twitter, sitting tight for some sort of business adjustment throughout dynamic changes completed by Elon Musk. In 2021, advertising revenue accounted for 90% of Twitter's revenue, but as of February 25 this year, more than 70 of the top 100 former advertisers were not affiliated with the company.
In 2021, Twitter was a public company and did not share monthly revenue data, but in the fourth quarter of that year it managed to generate $1.57 billion and receive a net income of $182 million. $ 13 billion, which Elon Musk, when buying a social network, issued in the form of a loan at a not the lowest interest rate of 15% per annum. The organization as of late needed to make the main installment on this credit, the yearly measure of installments might surpass $1 billion.
Last month, Elon Musk communicated certainty that Twitter would end 2023 without a loss. The organization, even before the exchange to the responsibility for Musk, couldn't flaunt productivity. Somewhere in the range of 2012 and 2021, it finished the revealing period with an overal deficit in eight cases out of ten, and has not gotten a benefit starting around 2019. Presently Elon Musk is attempting to transform paid memberships into one of Twitter's primary types of revenue, however it will require a long investment to shape a stable monetary flow in this direction.
