Elon Musk admits that Twitter revenue is down by half

Twitter owner Elon Musk has conceded in a Twitter Space that company revenue has been cut nearly in half since he took ownership last year.

The admission Monday came during a conversation, hosted by Mr. Musk, with Democratic presidential hopeful Robert F. Kennedy Jr. Mr. Musk said it has been a struggle for Twitter to break even after several high-profile advertisers pulled out of Twitter. He attributed the loss to vindictive companies who oppose free speech.

Mr. Musk said he remains determined.

“I don’t care how much it costs or what it takes. … If we lose free speech we lose democracy,” he said.

His comments are in sharp contrast to his recent statements about Twitter revenue. In April, when he was still CEO, Mr. Musk suggested the company’s advertising woes were over when he claimed that most advertisers are already back or were planning to return.

According to new reports, however, Twitter‘s advertising revenue is down more than 50% from where it was at the same time last year. In April, Twitter recorded $88 million in advertising revenue, down 59% from the year before.

Mr. Musk asserted previously that Twitter is worth at least half of what he paid for it, marking it at about $20 billion. Last week, financial giant Fidelity reported that the company was worth $15 billion.

Before Mr. Musk took over, advertising made up about 90% of the company’s revenue. Critics say Mr. Musk alienated key advertisers by posting conspiracy theories, creating logistical confusion with massive layoffs and welcoming back controversial accounts.

The massive loss in revenue seems to drive much of Mr. Musk‘s decision-making at Twitter. The company’s new CEO, Linda Yaccarino, was likely chosen for her previous experience as an advertising executive at NBCUniversal.

Twitter could not be reached for comment.