(Reuters) – Elon Musk’s group has been exploring utilizing as a lot as $3 billion in potential new fundraising to assist repay a few of the $13 billion in debt tacked onto Twitter Inc for his buyout of the corporate, the Wall Street Journal reported on Wednesday, citing individuals conversant in the matter.

In associated news, promoting spend on Twitter Inc dropped by 71% in December, knowledge from an promoting analysis agency confirmed, as high advertisers slashed their spending on the social-media platform after Elon Musk’s takeover.

The latest knowledge by Standard Media Index comes (SMI) as Twitter is transferring to reverse the advertiser exodus. It has launched a slew of initiatives to win again advertisers, providing some free advertisements, lifting a ban on political promoting and permitting corporations larger management over the positioning of their advertisements.

According to the SMI knowledge, advert spending on Twitter in November fell 55% from final yr regardless of these months historically being a time of upper advert spending as manufacturers promote their merchandise throughout the vacation season.

Twitter didn’t instantly reply to a Reuters request for remark.

Most of the businesses had stopped spending in November, estimates by one other analysis agency Pathmatics confirmed, the identical month that Musk restored suspended accounts and launched a paid account verification that resulted in scammers impersonating firms.

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(This story has been edited by News18 employees and is revealed from a syndicated news company feed)