Elon Musk says Twitter has had ‘massive’ revenue drop as advertisers pause spending

Elon Musk, Founder and Chief Engineer of SpaceX, speaks during the Satellite 2020 Conference in Washington, DC, United States on March 9, 2020.

According to the new owner of the company, a drop in revenue has been caused by advertisers pausing advertising on the platform.

Musk blamed activists for pressuring advertisers. He said that the company has done everything it can to appease the activists.

Musk didn't say how much revenue the company has lost or how he was able to attribute that loss to pressure from activist groups

Musk said the same things in an interview at the conference.

Musk said on stage that there had been no change in the company's operations. We have done everything we can to appease them, but nothing is working. This is a big issue. The First Amendment is attacked by this.

After Musk completed his $44 billion acquisition, a number of companies decided to stop spending money on Twitter. IPG advised clients to put their plans on hold for a short time.

According to communications obtained by CNBC, employees were told that they would be laid off. The content moderation team is expected to be affected by the job cuts, according to a report.

The story was contributed to by CNBC.