Twitter Reports Massive 40% Drop In Its YoY Revenue As Elon Musk Dethroned From Being The World’s Richest Person Again

It’s not the type of news that Twitter Inc would love to report but the grim reality of its statistics proves how the company continues to struggle.

As seen in a recent article published by The Wall Street Journal, Twitter Inc reported a massive 40% drop in its YoY earnings. This was linked to both revenues as well as earnings adjusted for the upcoming month of December. The news was confirmed by those familiar with the matter.

It’s astonishing as the company’s new chief was again dethroned from his position as the world’s richest person. And that too, just 48 hours after he regained it.

Moreover, it arose after the firm’s advertisers opted to slash their share in the firm and take a step back from carrying out business as normal. Seeing Elon Musk as the head of the institution meant that not a lot of people were happy as they felt uncertainty was going to take center stage.

The actual figure related to the drop in spending for advertising was 71% during December on Twitter as per statistics from the Standard Media Index.

For now, Twitter is yet to make an immediate comment on the matter after receiving plenty of requests from Reuters to do so.

As it is, Tesla CEO Elon Musk issued a warning in November regarding the possibility of the app undergoing bankruptcy. But that changed completely in February of this year. He delivered glad tidings on how the firm was back on track to break even.

It was in January of this year that we saw the famous micro-blogging site make its initial interest payment on loads that so many banks were providing. This was designed to assist the billionaire in terms of covering the costs linked to his respective purchases made by the Twitter firm.

Read next: Twitter Revamps Its Violent Speech Policy With Notable Additions Including Ban On Common Terms
Previous Post Next Post