Twitter hit by 40% revenue drop amid ad squeeze, say reports

Twitter remains in the grip of an advertising squeeze, with the social media platform hit by a 40% drop in revenue after more than 500 clients paused their spending, according to reports.

Giving more detail on the 40% figure, the Information reported that a senior Twitter manager had told staff on Tuesday that the revenue for that day was 40% lower than the same day a year ago.

The reports came as the Financial Times reported that Twitter was due to make payments on its near-$13bn debt burden as soon as the end of this month, with Musk considering options including selling more of his shares in Tesla or even putting Twitter into bankruptcy protection. Musk sold more than $20bn worth of shares in Tesla last year to help finance the Twitter deal.

Twitter has been contacted for comment.