It has been a little over a month since Elon Musk took over Twitter, and a lot has happened, mostly chaos. And, it does not seem to stop for Twitter.
Soon after his takeover, Musk fired more than half of the staff, while more of them left the company in the days following. He then introduced, withdrew, and reintroduced the ‘revamped’ Twitter Blue, and now he has a ‘gold’ tick coming soon. Not just that, he unbanned some of the controversial personalities, including the former US president Donald Trump.
Despite Musk having a long discussion with advertisers on Spaces about where the platform is heading, all this seems to be not going well with the advertisers, as they are reportedly pulling out their money from the microblogging platform.
Advertisers leave as Musk changes the Twitter we know
Media Matters for America, a nonprofit media research organization, reports that 50 of the top 100 advertisers have either stopped or reduced their ad spending on Twitter since the billionaire acquired the platform.
As per the report, these companies spent nearly $2 billion on the platform since 2020, including more than $750 million on advertising this year alone. Seven other brands that account for $118 million in ad spending have also significantly reduced advertising on the platform.
While some have announced their departure, including Chevrolet, Chipotle Mexican Grill, Ford and Jeep, the majority, dubbed “silent quitters”, have left the platform without any statement in recent weeks.
More brands may flee the platform soon
Earlier this month, Omnicom Media, an agency handling the advertising for the likes of Apple, Mercedes-Benz, and Mcdonald’s, reportedly asked its client to pause spending on Twitter.
Musk blames “activist groups” for drop in advertising revenue
It is not just the report saying this, even Musk has accepted that advertisers are fleeing away, and he blames the “activist groups” for that. Not here to play the blame game, but Musk has been associated with controversy and now even Twitter.
Musk’s unverified “verification” plan made Eli Lilly, the pharmaceutical giant, lose billions of dollars in a day. So, it is understandable why brands are pulling out of Twitter.
While Musk may still make money with Twitter in one way or another, its advertising revenue seems to be in peril as advertisers flee from the platform.
Soon after his takeover, Musk fired more than half of the staff, while more of them left the company in the days following. He then introduced, withdrew, and reintroduced the ‘revamped’ Twitter Blue, and now he has a ‘gold’ tick coming soon. Not just that, he unbanned some of the controversial personalities, including the former US president Donald Trump.
Despite Musk having a long discussion with advertisers on Spaces about where the platform is heading, all this seems to be not going well with the advertisers, as they are reportedly pulling out their money from the microblogging platform.
Advertisers leave as Musk changes the Twitter we know
Media Matters for America, a nonprofit media research organization, reports that 50 of the top 100 advertisers have either stopped or reduced their ad spending on Twitter since the billionaire acquired the platform.
As per the report, these companies spent nearly $2 billion on the platform since 2020, including more than $750 million on advertising this year alone. Seven other brands that account for $118 million in ad spending have also significantly reduced advertising on the platform.
While some have announced their departure, including Chevrolet, Chipotle Mexican Grill, Ford and Jeep, the majority, dubbed “silent quitters”, have left the platform without any statement in recent weeks.
More brands may flee the platform soon
Earlier this month, Omnicom Media, an agency handling the advertising for the likes of Apple, Mercedes-Benz, and Mcdonald’s, reportedly asked its client to pause spending on Twitter.
Musk blames “activist groups” for drop in advertising revenue
It is not just the report saying this, even Musk has accepted that advertisers are fleeing away, and he blames the “activist groups” for that. Not here to play the blame game, but Musk has been associated with controversy and now even Twitter.
Musk’s unverified “verification” plan made Eli Lilly, the pharmaceutical giant, lose billions of dollars in a day. So, it is understandable why brands are pulling out of Twitter.
While Musk may still make money with Twitter in one way or another, its advertising revenue seems to be in peril as advertisers flee from the platform.
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