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Twitter revenue drops 40% YoY as Musk gets ready to make hefty interest payment: Report

Twitter revenue drops 40% YoY as Musk gets ready to make hefty interest payment: Report

The first payment for the interest on the $13 billion debt used by Elon Musk to acquire Twitter is due at the end of January

Elon Musk seems to be in troubled waters as his first interest payment nears Elon Musk seems to be in troubled waters as his first interest payment nears

Twitter revenue is down 40 per cent year over year and Elon Musk is yet to make the first mega interest payment by the end of January. The information has been revealed by a reporter of the Platformer.

The first payment for the interest on the $13 billion debt used by Elon Musk to acquire Twitter is due at the end of January, which may leave the CEO with difficult choices such as selling more Tesla shares at a high cost. 

Twitter's primary source remains advertising and post Elon Musk's takeover, the social media company witnessed a mass exodus of the brands. However, Musk managed to lure advertisers back by offering heavy discounts. 

If the report about Twitter's drop in revenue is to be believed, the new Twitter Blue subscription has also failed to keep the company's coffers full. Twitter charges $8 per month for its premium subscription which offers a host of features to the user. Even the blue verified checkmark can only be attained if the user pays up the fee. 

Published on: Jan 18, 2023, 9:26 AM IST
Posted by: Danny Cyril Dcruze, Jan 18, 2023, 9:18 AM IST