Twitter-will-open-source-the-recommendation-algorithm.webp.webp" alt="Twitter-min"/>Ripple CTO David Schwartz commented on the news that Twitter lost $40 million in revenue due to the “community notes” feature.
Man did I call it. Musk just revealed that Twitter lost $40 million in advertising revenue due to advertisers not appreciating having their ads fact checked. https://t.co/TiQbbzTvRw
— David “JoelKatz” Schwartz (@JoelKatz) May 17, 2023
“I caused this. Musk just revealed that Twitter lost $40 million in ad revenue because advertisers didn’t value fact checking their own content,” Schwartz wrote.
The head of the social network Elon Musk said in an interview CNBCthat the company lost this amount after two “rather large” clients were fact-checked by users.
Schwartz jokingly noted that he was to blame for the situation. In a previous post, he commented on an advertisement for frying bags that was criticized by the community, adding a few notes about the poor quality of the product.
Musk noted that he spoke with the departed advertisers, recommending that they simply refute the claims of users. The billionaire still believes that the new feature on Twitter is the right thing to do.
According to the businessman, the machine code automatically selects useful comments and publishes them under the main post.
He also noted that at the time of the purchase, Twitter had a negative annual cash flow of $3 billion, and $1 billion was stored in the company’s bank accounts.
Previously Musk declaredthat the approximate profit of the social network at the end of the year will be $ 3 billion. In his opinion, this figure could be at the level of $ 4.5 billion if “2023 was an ordinary year.”
Recall that in May, Elon Musk announced his resignation as CEO of Twitter. Instead, Linda Iaccarino, head of NBCUniversal’s advertising department, will take this position.
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