As Twitter's Revenue Collapses By 84%, Tesla Bulls Fear Elon Musk Will Liquidate More Tesla Stock, Bringing Its Value Down For Everyone
Adrian Volenik
https://finance.yahoo.com/news/twitters-revenue-collapses-84-tesla-171535190.htmlElon Musk is facing serious financial problems with X, formerly known as Twitter. Since he bought the platform, its revenue has dropped by an incredible 84%, creating a huge financial gap that Musk might have to fill by selling more of his Tesla stock. This has some Tesla investors worried, as selling more stock could cause Tesla's value to drop, hurting everyone who owns shares in the company.
Twitter's Revenue Takes a Huge Hit
Musk bought Twitter for $44 billion, but turning the company around has been a big challenge. The New York Times recently reported that X made only $114 million in revenue in the U.S. during the second quarter of 2024, according to the documents they obtained. This is a massive drop compared to $661 million in the same quarter in 2022 before Musk took over. When we account for inflation, that’s a drop of 84%.
