Twitter's daily revenue has reportedly dropped by almost 40%.
The 500 top advertisers have left since billionaire Elon Musk took control of the social media platform in a $44 billion takeover, according to a report in tech newsletter The Information.
"A senior Twitter manager told employees that the company’s daily revenue on Tuesday was 40% lower than the same day a year ago, underscoring the crisis facing its core ads business, according to a person with direct knowledge," the newsletter reported.
Advertising is Twitter's main source of revenue, reportedly to be $5.1 billion in 2021.
Media agencies have been warning brands to take care with advertising on Twitter over concerns about content moderation.
Siddharth Rao, an engineering manager overseeing the engineers working on Twitter’s ad business, reportedly told employees in a presentation that more than 500 of Twitter’s top advertisers have paused spending on Twitter since October.
Zoë Schiffer. managing editor of the Platformer, tweeted: "We learned today that Twitter’s revenue is down 40 percent year over year (& Musk’s first giant interest payment on the company is due at the end of the month)."
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