Elon Musk has revealed Twitter’s financial state, painting a somewhat dire picture of the social media company.

In a tweet, Musk says Twitter has suffered a precipitous decline in ad revenue.

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.

Elon Musk (@elonmusk) — July 15, 2023

Musk has engaged in extreme cost-cutting measures, laying off employees, defaulting on debts and financial agreements, and more. Unfortunately, the mercurial tech icon has also alienated users and and advertisers alike by cutting moderation teams, which some say has led to an increase in hate content.

It appears Musk’s antics have caused at least as much harm as good, based on the company’s current financial outlook.