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Twitter-owner Elon Musk says the company is still losing money because advertising revenue is down 50 percent.

“We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load. Need to reach positive cash flow before we have the luxury of anything else,” Musk wrote in a tweet on Saturday.

In another tweet yesterday, Musk said that Twitter “did not see the increase in advertising revenue that was expected in June,” but that July is looking “a bit more promising.”

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