Elon Musk, the CTO and executive chairman of Twitter, said that cash flow remains negative at the social media company because of a nearly 50% drop in advertising revenue coupled with “heavy debt.”“Need to reach positive cash flow before we have the luxury of anything else,” Musk wrote in response to a tweet.

Musk took over Twitter in October of last year in a deal valued at around $44 billion, including about $13 billion in debt. To finance that deal, he sold part of his Tesla shares worth billions of dollars.

By January, hundreds of advertisers had reduced or halted their ad spending on Twitter in response to Musk making steep staff cuts at the company and implementing changes to the platform, especially restoring previously banned accounts and changing its approach to content moderation.

In April, Musk told a BBC reporter that “almost all” advertisers had resumed buying ads on Twitter. He also claimed at that time that the company was “roughly breakeven,” and expected to become cash flow positive within the next quarter.