Elon Musk says Twitter ‘breaking even’ amid reports of ad revenue slump

Twitter Inc CEO Elon Musk said on Wednesday the social media company is “roughly breaking even,” as most of its advertisers have returned.

He made the comments in an interview with BBC broadcast live on Twitter Spaces that attracted more than 3 million listeners.

Twitter has been hit by a massive decline in advertising since Musk acquired the company for $44 billion in October.

Musk had said that was due to the cyclical nature of ad spending and some of which was “political.” He said on Wednesday most of its advertisers have since returned.

Musk said Twitter has about 1,500 employees now, a sharp decline from around 7,000 workers before his acquisition.

Concerns over Twitter’s stability have been widespread since the Musk deal. Among the mass exodus were many engineers who were responsible for fixing and preventing service outages, sources told Reuters.