At the end of December 2022, the revenue and adjusted profit of the American company Twitter fell by about 40% compared to the same period in 2021. One of the main reasons for such dynamics was the refusal of a number of advertisers to cooperate with the social network. informs Wall Street Journal, with citation.
“The decline in revenue and adjusted earnings for December came as many advertisers left the social media platform following its takeover by entrepreneur Elon Musk. The decline was nearly 40% year-over-year in both revenue and adjusted earnings for the month.
Tesla and SpaceX CEO Musk bought Twitter in October 2022. After that, the company moved to the category of private companies, so it no longer publishes financial statements, the article concludes.
On October 28, American businessman Elon Musk finally I bought social network Twitter and explained the deal in a few words – “the bird is free”. The deal totaled $44 billion.