The company has been working on making its advertising more relevant, said Musk, speaking at a Morgan Stanley conference in San Francisco. Musk, who bought Twitter last year for $44 billion, emphasized that Twitter’s debt burden after the deal is quite high and the cost of servicing the debt is around $1.5 billion annually, about equivalent to its current cash burn rate.

With all the attention Twitter receives, it’s “startling” how little money it makes, he said, noting the opportunity.