Elon Musk said that Twitter has lost nearly half its ad revenue ever since its $44 billion (£33.6bn) buyout last October. "We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load. Need to reach positive cash flow before we have the luxury of anything else," tweeted the Twitter owner.

Musk revealed that the company has seen a lacklustre June, but added that July was a "bit more promising." He also stated that his priority is to reverse the negative cash flow.

The company slashed its workforce by 7,500 in 2022 as a cost-cutting exercise.

The tweet comes at a time when Meta released its "Twitter killer" Threads, which saw some early promising signs.