Musk reveals Twitter ad revenue is down 50% as competition increases

Twitter owner Elon Musk said the social media company's advertising revenue has plunged roughly 50%, highlighting his struggle to revive the ailing company after buying it for $44 billion. 

The stark admission came in response to a comment by another Twitter user who suggested the billionaire form a consortium to buy the platform's debt.

"Need to reach positive cash flow before we have the luxury of anything else," the billionaire replied on Saturday.