According to Insider Intelligence digital research company, there will be a sharp decline in Elon Musk’s Twitter ad revenue in 2023. This is down from the $4.74 billion forecasted last October.

Musk is distrusted by advertisers.

According to a company report, “Twitter has a long way ahead of it before it can win back both advertisers and users trust,” they stated.

Also read: Elon Musk declares NPR state media on Twitter. It doesn’t mean it is true.

Twitter is trying to compensate for the shortfall in ad revenue with subscription revenues. But it won’t succeed, said the report.

According to TechCrunch’s Sensor Tower data, Twitter Blue has only made $11 million in mobile subscriptions within its first three months.

See Now: Twitter removes the blue checkmark from the main New York Times account

Insider Intelligence estimates the market by analysing many factors, including macro-level economic conditions and historical trends in the ad industry, historical trends for each medium in relation with other media, data and benchmark sources, consumer media consumption trends, and interviews with executives from ad agencies and brands, media publishers, and others.

Tesla Inc. TSL, -0.30% Chief executive Musk bought Twitter in October last year for $44 billion. He had already laid off more that half the staff within weeks. This is a decrease of 7,500 from when he took control.

Product managers, data scientists, and engineers responsible for site reliability and machine learning, which are roles that keep the company’s many features running, were affected by the cuts.

The monetization-infrastructure team, which maintains the services that make money for Twitter, was cut to fewer than eight people from 30.

Musk reportedly also stiffed vendors, and clashed with landlords after failing rent to some of the company offices.

Also see: Elon Musk apologises to a Twitter employee who was Iceland’s Person of the Year in 2022