Though extremely influential with opinion-makers and celebrities, the California company has long struggled to generate profit and has failed to keep pace with Facebook, Instagram and TikTok in gaining new users. In an effort to soothe nerves, Musk had vowed that Twitter will not become a "free-for-all hellscape", but his pledge was quickly followed by a tweet relaying a conspiracy theory about an assault on the husband of the US House Speaker. This appeared to refer to Musk's recent meeting with civil rights groups in which he heard concerns that Twitter would open the floodgates to hate speech. Extremely messed up! They're trying to destroy free speech in America," he added. "We did everything we could to appease the activists. The mercurial tycoon on Friday complained on Twitter of a "massive drop in revenue" that he blamed on "activist groups" that were pressuring advertisers. The moves would help overcome the potential loss of advertisers, Twitter's main source of revenue, with many of the world's top brands putting their ad buys on hold, spooked by Musk's well-known disdain for content moderation. Musk, the Tesla and SpaceX chief, has been scrambling to find new ways for Twitter to make money after his mammoth buyout, including an idea to charge users $8 a month for verified accounts.
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