Tesla chairman Elon Musk decided to fund his Twitter buy with a combination of equity and debt financing, with $13 billion of the $44 billion coming in the form of debt.

What happened: As Twitter struggles to turn things around and generate cash flow in a troubled macro environment, debt servicing could pose a major challenge for the Musk-led social media platform.

See also: The best tech stocks right now

A recent report in The Wall Street Journal suggested the billionaire’s officials were discussing the sale of up to $3 billion in new Twitter stock to pay off the high-yield portion of the debt package.

However, Musk has refuted the report. When one of his followers shared the news on Twitter and tagged him, he had a one-word response.

“No,” Musk said.

Why it matters: A hit shared by Platformer’s Zoe Schiffer said earlier this month Twitter’s revenue fell 40% year over year.

A separate report from Information says the platform’s revenue fell 35% year over year in the fourth quarter due to a slump in advertising revenue. Ad revenue accounted for 91.5% of Twitter’s total revenue in the second quarter — the quarter for which the company last reported financial results.

Total ad spend by Twitter’s top 30 advertisers fell 42% to $53.8 million in November and December combined, Reuters reported, citing data from Pathmatics.

Musk completed the Twitter acquisition in late October.

Continue reading: How did Elon Musk make his money