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| Billionaire Elon Musk said Twitter is seeing its advertising revenue halve. (Source: Twitter) |
Since taking over Twitter in a $44 billion deal last fall, Mr. Musk has tried to reassure advertisers, many of whom have expressed concerns about a series of layoffs of top executives and employees and new content moderation policies.
In April, Mr. Musk announced that most of the advertisers who left had returned to Twitter and that the company could be cash-flow positive by the second quarter of 2023.
In May, Twitter got a new CEO, Linda Yaccarino — a former CEO of NBCUniversal — who has extensive connections in the advertising industry.
However, Twitter users have since complained about new rules such as limits on the amount of content on the platform, commonly known as tweets, and some say they have been unable to access the site.
Specifically, Twitter is limiting verified accounts to 10,000 tweets per day. Unverified users — free accounts that make up the majority of users — are limited to 1,000 tweets per day. Musk explained that these restrictions are necessary to prevent the unauthorized collection of valuable data.
Days later, Twitter said TweetDeck, a popular program that lets users follow multiple accounts at once, would only be available to “verified” users starting next month.
Meanwhile, Twitter got a new competitor this July when tech giant Meta launched Threads — a short-form text-sharing app similar to Twitter — which reached more than 100 million users in just its first five days of launch.
Twitter is said to have around 200 million active users, but the platform has been plagued by technical glitches since Mr Musk bought it. Mr Musk has threatened to sue Meta for stealing trade secrets and intellectual property – claims Meta denies.
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