Twitter owner Elon Musk said on Saturday, July 15 that the social media platform that he bought for $44 billion last October has lost roughly half of its advertising revenue causing to have negative cash flow.

"We're still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load," the billionaire tweeted as a response to a user who was giving suggestions on financing for the platform.

"Need to reach positive cash flow before we have the luxury of anything else," he added, without further elaboration.

According to Insider Intelligence, Twitter was predicted to generate less than $3 billion in revenue in 2023, a decrease of one-third from 2022.

Earlier this month, Musk announced that Twitter was limiting verified accounts to reading 10,000 tweets a day, in a bid "to address extreme levels of data scraping" and "system manipulation" by third-party platforms.

Non-verified users—the free accounts that make up the majority of users— are limited to reading 1,000 tweets per day.

New unverified accounts would be limited to 500 tweets.

The modifications happened at the same time that Threads, an app created by Facebook parent company Meta to compete with Twitter, attracted more than 100 million users in its first five days.

Earlier this year, the artificial intelligence app ChatGPT, created by OpenAI, took two months to reach the same number of active users.

With the help of its connection to Instagram, which offers it a built-in audience of more than two billion people and spares the platform the challenge of starting from scratch, Threads has reportedly surpassed 150 million members, with India leading the way.