Twitter’s Top Advertisers Are Afraid To Return To The App Due To Elon Musk’s Bizarre Antics, New Report Claims

For months now, Elon Musk has been in charge of the Twitter platform and it’s safe to say he’s had a tough time steering it back on track for success.

The tech billionaire fails to woo back the app’s leading line of advertisers and the reason is his own bizarre antics. His impulsive decision-making and sudden urge to fire tens of thousands of employees are just the starts of Twitter’s many changes.

It would not be wrong to claim this man is as unpredictable as can be and investors just aren’t ready to deal with a platform that has him in charge.

It was just weeks after Elon Musk gained ownership of the company that we saw so many advertisers take a step back from investing in the platform. They were so worried about the fate of the company and what other changes were in store. And months down the lane, there are no signs of their return.

And as you can imagine, the news has really taken a toll on the platform for obvious reasons. Ads were the main way the app made money. And the sales team at Twitter is really not doing any great job in terms of persuading them to arrive back.

They’ve tried to give them steeper discounts and even assured them of new and improved privacy tools. But it appears that it’s going to take way more than just that to have them back.

Recent data suggests that during the period of September to October of 2022, the app’s top ten advertisers spent a staggering $71 million on advertisements. There were the estimates set out by Pathmatics. In the past, this figure dropped down to just a mere $7.6 million. And in terms of decline, it’s a massive 89%.

Some of the company’s leading ad clients included IBM, Coca-Cola, HBO, and Amazon.

We saw a huge uptick in the number of users on the app since the start of 2022 but with that came a decline in revenue by nearly 50%. The result is due to huge falls in advertising as mentioned by Elon Musk last month.

Some top brands including Mondalez International, Hilton, and AT&T are yet to resume spending for ads on the app starting February as per the report. And then you’ve got the likes of top media agencies like Horizon Media who sent out advisories against playing ads on Twitter failing to ask clients to resume ad playing on the app. This was right after Musk took over.

One media buyer was quick to mention how marketers are yet to return to Twitter as clients were given a red code against doing so after Elon Musk’s arrival. They feel Twitter continues to be in the same chaotic state of the past and so investing in it right now would be a profitable decision.

So as you can see, it’s Musk’s erratic and unpredictable behavior that has scared away advertisers.

H/T: Bloomberg

Read next: Merriam-Webster Pokes Fun At Elon Musk’s Twitter Blue By Unveiling Its Own Red Subscription
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