Elon Musk recently expressed optimism about the future of advertising on Twitter, stating that “almost all advertisers have come back” and suggesting that the company could soon achieve profitability. However, internal documents obtained by The New York Times paint a different picture.

According to these documents, Twitter’s U.S. advertising revenue for the period between April 1st and the first week of May was $88 million, a significant decline of 59 percent compared to the same period the previous year. The company has consistently fallen short of its weekly sales projections, sometimes by as much as 30 percent.

The challenges facing Twitter’s ad sales staff seem unlikely to be resolved in the near future, as highlighted by the internal documents and insights from current and former Twitter employees.

One concern raised by the ad sales staff is the presence of hate speech, pornography, and ads promoting online gambling and marijuana products on the platform. Twitter has projected a decline of at least 56 percent each week in its U.S. ad revenue for the current month, compared to the previous year.

Linda Yaccarino, who was recently appointed as Twitter’s CEO by Elon Musk, has inherited the declining ad sales and other related issues. Both Musk and Yaccarino declined to comment on the matter.

Twitter heavily relies on advertising, accounting for 90 percent of its revenue. Since Elon Musk acquired Twitter for $44 billion in October and took the company private, he had aimed to build a respected ad platform. Though some of his recent actions, including firing key sales executives, opening up speech regulation, and welcoming back barred users, alienated advertisers. As a result, several major brands and ad agencies, such as General Motors and Volkswagen, paused their ad spending on Twitter.

The New York Times also reports the company’s valuation has also suffered as a consequence. Musk previously estimated Twitter’s worth at $20 billion, down more than 50 percent from his acquisition price. Fidelity, a mutual funds giant with shares in Twitter, valued the company at $15 billion. This downward trend in valuation aligns with the company’s declining ad revenue.

While Twitter is exploring ways to make ad buying easier, including testing an automated system for deals outside the United States, it continues to face challenges. The company has seen growth in ad categories it previously avoided or prohibited, such as online gambling and marijuana products, though adult content and the presence of explicit material have become points of concern for the sales staff.

Saga Communications has named broadcast veteran Pat Paxton as its new Senior Vice President of Content.

“I am absolutely thrilled to be named Sr. VP of Content for Saga Communications. The engaging culture that Chris Forgy has created at Saga reminds me of my days at Nationwide and Entercom,” Paxton said.

“At the heart of Saga’s mission statement lies a paramount focus on people. By placing a steadfast emphasis on people, we will undoubtedly attract and retain exceptional talent. It is the collective efforts of these individuals that have transformed this company into what it is today, and it is through their unwavering dedication that we will propel it to even greater heights.”

Paxton spent 22 years working for Audacy before departing in 2021. He has also worked for Cardinal Communications, Adventure Communications, Nationwide Communications, and Entercom in addition to his work at Audacy.

“Pat is a world-class broadcaster and an even better coach,” Saga CEO Chris Forgy said. “We are delighted to have Pat join our team at Saga, and having this be the last job Pat ever has.”

Paxton will begin his duties with the company on Monday, June 26th. Saga Communications Director of Group Programming Scott Chase will relocate to the company’s cluster in Ocala, Florida, and will serve as the group’s Operations Manager, while assisting Paxton in his new role.

Spotify has announced it is laying off around 200 employees, which equates to roughly 2% of its total workforce.

Spotify Vice President Sahar Elhabashi told employees in a memo that those departing the company would be given “generous severance packages”, according to CNBC. He added that the company will continue to see partnerships with “leading podcasters from across the globe”, but added that the reduction in force was a necessary development.

Of the 8,359 employees in the company, 4,332 of those work in the United States.

In recent years, Spotify has spent more than $500 million in acquisitions with prominent figures, including Meghan Markle and the Obamas. The company reportedly spent more than $100 million for The Joe Rogan Experience alone.

The announcement of layoffs comes after company CEO Daniel Ek admitted that some of the investments the company made last year can definitively be labeled a “mistake”.

Spotify Sports Producer and former sports radio program director Dan Zampillo was among the cuts. Zampillo has previously programmed 97.1 The Ticket in Detroit, ESPN LA 710 in Los Angeles, ESPN 980 in Washington DC, and SiriusXM in New York City. He has also served as the Assistant Program Director of WGN Radio in Chicago.