Twitter has lost nearly half of its advertising revenue since Elon Musk purchased it for $44 billion (£33.6 billion) last October, according to its owner.
He stated that the company did not observe the predicted growth in sales in June, but that July was “a little more promising.”
In an effort to save costs, Mr Musk fired over half of Twitter’s 7,500 employees when he took over in 2022.
According to some estimates, rival app Threads now has 150 million users.
Its built-in Instagram connection instantaneously grants the Meta-designed platform access to a potential two billion users.
Meanwhile, Twitter is labouring under a mountain of debt. Mr Musk stated over the weekend that cash flow remains negative, though the entrepreneur did not elaborate.