Half of Twitter’s top advertisers seem to have halted their exercise on the social media platform, amid billionaire Elon Musk’s chaotic takeover of the corporate.
Fifty of Twitter’s main 100 advertisers have stopped promoting on the location as of Nov. 21, in keeping with a recent report from the left-leaning media watchdog Media Matters for America.
Several of the businesses formally introduced their determination to not promote on Twitter, together with Chevrolet, Chipotle, Ford, Jeep, Kyndryl, Merck and Novartis. The remaining corporations have been recognized by Media Matters’ evaluation as “quiet quitters,” those who beforehand marketed on the social media website however have stopped for a important interval.
Another seven corporations look like slowing down their promoting to nearly nothing, in keeping with the Media Matters report.
The 50 corporations that halted promoting on the platform accounted for extra than $750 million in spending on Twitter in 2022 and nearly $2 billion general since 2020.
Musk finalized his $44 billion acquisition of Twitter late final month and has since led a chaotic transition on the firm. The Tesla and SpaceX CEO stated Twitter noticed a “massive drop” in income in his first week, as advertisers pulled out over considerations about content material moderation.
“Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists,” Musk stated.
Musk laid off about half of Twitter’s workforce in his first week, claiming he had “no choice” amid the corporate’s poor monetary situation. Several hundred extra workers resigned in mid-November when Musk gave them an ultimatum — decide to a “hard core” work surroundings or depart.
The billionaire has additionally made modifications to the social media platform itself, unsuccessfully making an attempt to roll out a paid subscription service for Twitter’s blue verify verification and reinstating former President Trump’s account. Musk has additionally indicated that he plans to reinstate different suspended accounts within the close to future.