Twitter's revenue is down 40% year-over-year, and its billionaire owner Elon Musk's first giant interest payment on the company is due at the end of January, according to a Platformer reporter's tweet.

More than 500 of Twitter's advertisers have paused spending on the micro blogging site since Musk's takeover last year, The Information reported Wednesday, citing a person familiar with its ad business.

Twitter did not immediately respond to a Reuters' request for comment on both media reports.

Since Musk took over Twitter last October, corporate advertisers have fled in response to the billionaire laying off thousands of employees and rushing a paid verification feature that resulted in scammers impersonating companies on Twitter.

The social media platform recently reversed its 2019 ban on political ads and said that it would relax advertising policy for "cause-based ads" in the United States and align its ad policy with TV and other media outlets.