Twitter Chief Executive Elon Musk said Tuesday that the messaging service makes 5 or 6 cents an hour of user attention and could increase that to 15 cents or more with ads that are more relevant and timely.
Musk, who was speaking at an investor conference that was webcast, said it was “shocking” how poorly Twitter managed to monetize the service.
Twitter has been marked by chaos and uncertainty since Musk acquired Twitter for $44 billion in October. On Monday, Twitter suffered a bug that prevented thousands of users from accessing the link, its sixth major outage since the start of the year, according to Internet watchdog group Netbox.
Some advertisers have fled Twitter because of uncertainty over how Musk, who has called himself a “free speech neutralist,” will approach content moderation.
According to Pathmatics estimates by Sensor Tower, ad spending by Twitter’s top 30 advertisers fell 42% in November and December.
