Twitter Has Lost Half Of Its Top Advertisers Ever Since Elon Musk Took Charge

It’s been a month since billionaire Elon Musk took charge of the leading platform Twitter. But all we’ve seen is chaos, disaster, and a lot of drama.

And just in case that was not enough, we’re hearing more news about how the company’s top 100 advertisers are no longer advertising on this app, as confirmed by a new research report conducted by Media Matters.

When we look back at statistics arising from the year 2020, around 50 different companies have accounted for a whopping $2 billion in terms of revenue generation through advertising. If you look at 2022, the company has spent a staggering $750 million and it’s just mind-blowing to imagine such high figures arising from all directions.

Some firms such as Chipotle, Ford, and even Chevrolet are going public with the decision to prevent advertising through such an app. And that only spells more disaster.

Then there is a group that’s allotted to those who have bid Twitter farewell in a more silent manner thanks to those who showed us a clear picture of how advertising stopped for a while.

Media Matters also spoke about how Meta, Coca-Cola, and even Kellogg’s reduced budgets for advertising on Twitter. The complete list of firms that have taken one step back is further outlined in the report on the Media Matters page.

This media center mentioned how there is a direct outreach with plenty of warnings and controversial stories arising from various buyers in the media industry as these are clear causes behind such a firm’s decision.

Now, even Mars has gone as far as mentioning how it would be suspending all advertising on the platform during the later part of September, right after Elon Musk’s takeover was done.

The news comes despite Musk trying long and hard to reassure some of the firm’s top advertisers how this platform is safe after conducting a virtual meeting after his acquisition of the company.

Musk has really blamed so many activist groups for trying to kill Twitter and get rid of users’ basic rights to freedom of speech in the nation. They also believe the groups have a hand in trying to pressurize advertisers and that’s so Twitter’s revenue could fall to new lows.

Meanwhile, last week, we heard more news about the country’s biggest advertising buyer named Group M trying to call Twitter a high-risk advertiser as it warned clients against purchasing promotions on the app.

So many advertisers started to grow concerned about Twitter’s head for trust and safety resigning from all of his duties. He was the glue that really wanted to stop misinformation and hate speech from trending across this app.

Then we had the likes of Group M raise even more concerns about so many impersonators for leading brands on the app. Remember, the $8 subscription for Twitter Blue made it easy for anyone and everyone to gain a blue tick mark.

Among the hundreds affected, both Nintendo and McDonald’s were two of them. And then the most shocking impersonation was for Eli Lilly where the impersonator mentioned insulin was free for all now.

Ever since all of this drama took place on the app, Elon Musk was left with zero choices but to put his paid verification on hold for now until the issue could be sorted with much more confidence.

Renowned author Stephen King mentioned through a hilarious joke on Tuesday how Twitter would soon only have a single advertiser left called, ‘My Pillow.’ And this was a pun intended toward a firm that is run by Mike Lindell. The latter is one of Trump’s biggest supporters out there.

Twitter Has Lost Half Of Its Top Advertisers Ever Since Elon Musk Took Charge

Read next: Elon Musk Says Activist Groups Tried To Kill Twitter So He Backtracked On Making A Content Moderation Council
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