Elon Musk on Friday said that Twitter has seen a massive drop in revenue as activist groups are putting undue pressure on its advertisers.
In a tweet, the new Twitter CEO who is firing at least half of its workforce globally, including in India, said these activist groups are destroying free speech.
"Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists," Musk said in a tweet.
"Extremely messed up! They're trying to destroy free speech in America," he added.
The company lost $270 million in the April-June period after revenue slipped 1 per cent to $1.18 billion, reflecting advertising industry headwinds.
The number of daily active users rose 16.6 per cent to 237.8 million compared with the same period a year before.
Advertising revenue was $1.08 billion while subscription and other revenue totalled $101 million, a decrease of 27 per cent year-over-year,
In 2021, the company made a revenue of $5.07 billion.
Meanwhile, Twitter notified employees that it will be "reducing its global workforce" on Friday, as its new CEO aims to cut roughly half of its 7,600-strong workforce.