Twitter’s new owner, Elon Musk, said on Friday that the social media company’s revenue had fallen “substantially” and accused activist groups of pressuring advertisers.

Musk, who took over the company last week, said the drop in revenue was “despite no change in content moderation, and we did everything we could to appease activists.”

“Extreme chaos! They are trying to destroy free speech in America,” he tweeted.

Twitter recorded a revenue drop in its latest quarterly results reported in July, blaming Musk’s $44 billion (nearly 361.6 billion rupees) proposal and weakening the digital advertising market.

Last month, Musk said he wanted Twitter to become “the most respected advertising platform” in order to gain the trust of ad buyers before the deal closes.

Several companies, including General Mills and U.S. luxury automaker Audi, have suspended advertising on Twitter, while General Motors said it had suspended paid advertising.

In another move, Twitter laid off most of its more than 200 employees in India, part of a massive global layoff ordered by its new boss, Elon Musk, which Musk hopes to complete Its $44 billion acquisition effort.

The layoffs involve engineering, sales and marketing, and communications teams, the sources said.

However, the severance package paid to employees laid off in India is not yet known.

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The entire marketing and communications department in India has been sacked, sources said.

Musk, the world’s richest businessman, kicked off his innings on Twitter last week when he fired CEO Parag Agrawal as well as the chief financial officer and a number of other executives.

An exodus of top management followed. Musk has now begun a massive reduction in the company’s global workforce.


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By Rebecca French

Rebecca French writes books about Technology and smartwatches. Her books have received starred reviews in Technology Shout, Publishers Weekly, Library Journal, and Booklist. She is a New York Times and a USA Today Bestseller...