Twitter‘s new owner Elon Musk has announced that the microblogging website has seen a “massive” drop in revenue and blamed activist groups who, he says, are pressuring advertisers. The news comes soon after the company started firing people and reports suggest that India seems to have been badly affected.
In a tweet, Musk said that activist groups are pressuring advertisers “even though nothing has changed with content moderation.” Last month, Musk posted a letter on the social media platform addressing advertisers that he wants Twitter to be a digital space for debate and it will not be a ‘free-for-all hellspace’, where anything can be said without consequence.
“Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise,” he said in that letter in an attempt to win advertisers’ trust.
Elon Musk to activists: You are destroying America
Musk also said that Twitter did everything it “could to appease the activists. Extremely messed up! They’re trying to destroy free speech in America.”
Multiple reports suggest that companies including General Mills Inc and Audi of America have already paused advertising on the social media platform. General Motors is said to have temporarily halted paid advertising.
Twitter reported a drop in revenue in its quarterly results in July. The company blamed Musk’s $44 billion purchase proposal and weakening digital advertising market.
In a tweet, Musk said that activist groups are pressuring advertisers “even though nothing has changed with content moderation.” Last month, Musk posted a letter on the social media platform addressing advertisers that he wants Twitter to be a digital space for debate and it will not be a ‘free-for-all hellspace’, where anything can be said without consequence.
“Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise,” he said in that letter in an attempt to win advertisers’ trust.
Elon Musk to activists: You are destroying America
Musk also said that Twitter did everything it “could to appease the activists. Extremely messed up! They’re trying to destroy free speech in America.”
Multiple reports suggest that companies including General Mills Inc and Audi of America have already paused advertising on the social media platform. General Motors is said to have temporarily halted paid advertising.
Twitter reported a drop in revenue in its quarterly results in July. The company blamed Musk’s $44 billion purchase proposal and weakening digital advertising market.
Twitter job cuts
The tweet comes a few hours after it was reported that Twitter has started cutting jobs and has fired the majority of its over 200 employees in India. Twitter reportedly had 7,500 employees globally in 2021 and Musk is looking to offload 50% of the workforce.
On the first day of acquisition, Musk fired CEO Parag Agrawal, the company’s top legal executive Vijaya Gadde, chief financial officer Ned Segal and general counsel Sean Edgett.
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