Twitter’s revenue dropped by nearly 40% in December after advertisers fled in the aftermath of CEO Elon Musk’s acquisition of the platform, The Wall Street Journal reported Friday, citing sources familiar with the situation.
Twitter reported the year-over-year drop in both revenue and earnings in a message to the app’s investors, the sources said, according to the WSJ. The company is currently working to pay off the nearly $13 billion in debt stemming from Musk’s initial purchase, with yearly interest payments totaling approximately $1 billion.
