Since businessman Elon Musk took over Twitter, the social site has lost almost half of its advertising revenue since it was bought for $44bn last October.

Musk who made the revelation said the company did not see any increase in sales that had been expected in June, but added that July was a “bit more promising”.

The lack of sales comes following Musk sacking about half of Twitter’s 7,500 staff after he took over the company in 2022 in an effort to cut costs.

However, reports are that rival app Threads (owned by Meta) now has 150 million users, and are seeing sales jump.

Meanwhile, Musk is optimistic about a positive turnaround.