Twitter is losing $4 million a day, according to new owner Elon Musk..
Musk tweeted the figure on Friday, along with a poll asking users if he should sell 10% of his Tesla stock..
The poll, which has since closed, saw 57.9% of respondents voting in favor of selling the stock..
Musk’s tweet comes amid growing concerns about Twitter’s financial health. The company has been losing money for years, and its losses have accelerated since Musk took over..
In addition to the $4 million daily loss, Twitter is also facing a number of other challenges, including:.
* A decline in advertising revenue.
* A drop in user growth.
* Increased competition from other social media platforms.
Musk has said that he is committed to turning Twitter around, but it is unclear how he plans to do so. The company has already laid off thousands of employees, and Musk has said that he plans to make further cuts..
It is also unclear how Musk’s plans to sell 10% of his Tesla stock will affect Twitter. If he does sell the stock, it could raise billions of dollars, which could be used to help fund Twitter’s turnaround. However, it could also send a negative signal to investors, who may worry that Musk is losing confidence in the company..
Twitter’s financial problems are a major concern for investors and users alike. If the company is unable to turn around its business, it could face bankruptcy..
Here are some additional details about Twitter’s financial situation:.
* Twitter’s revenue has been declining for years. In 2021, the company’s revenue was $5.08 billion, down from $5.10 billion in 2020..
* Twitter’s losses have also been increasing. In 2021, the company lost $221 million, up from a loss of $1.2 billion in 2020..
* Twitter’s cash flow is also negative. In 2021, the company’s operating cash flow was -$483 million, down from -$1.6 billion in 2020..
* Twitter’s debt is also increasing. In 2021, the company’s debt was $5.3 billion, up from $4.4 billion in 2020..
Twitter’s financial problems are a serious threat to the company’s future. If the company is unable to turn around its business, it could face bankruptcy..
