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Twitter Ad Revenue Plunges 89% Since Musk Takeover as Major Brands Stay Away (Report)
Who is surprised by this?
Link to tweet
https://www.thewrap.com/twitter-ad-revenue-plunges-elon-musk-bloomberg/
Twitter advertising dollars have plunged 89% since billionaire Elon Musk bought the social media platform in October, Bloomberg reported, and as a result, revenue has dropped by half.
Twitter has seen a slight uptick in daily users since early 2022, the report said, but advertisers have not returned to the site amid the ongoing upheaval at the company. Since Musk took over Twitter in October, he’s slashed jobs by about 75%, leaving the company with less than 2,000 employees, and most of the content management team gone....
Citing data from Pathmatics, Bloomberg said that from September to October of last year, the top 10 advertisers on Twitter spent $71 million on ads. In the past two months, the total was just $7.6 million, a decline of 89%, the research firm said.
Twitter’s top ad customers used to include marquee names like Ford, American Express, HBO, Amazon, IBM and Coca-Cola. But amid the early turmoil surrounding Musk’s takeover, major brands fled the site in droves, with 50 out of the top 100 advertisers pulling their ads
.Twitter has seen a slight uptick in daily users since early 2022, the report said, but advertisers have not returned to the site amid the ongoing upheaval at the company. Since Musk took over Twitter in October, he’s slashed jobs by about 75%, leaving the company with less than 2,000 employees, and most of the content management team gone....
Citing data from Pathmatics, Bloomberg said that from September to October of last year, the top 10 advertisers on Twitter spent $71 million on ads. In the past two months, the total was just $7.6 million, a decline of 89%, the research firm said.
Twitter’s top ad customers used to include marquee names like Ford, American Express, HBO, Amazon, IBM and Coca-Cola. But amid the early turmoil surrounding Musk’s takeover, major brands fled the site in droves, with 50 out of the top 100 advertisers pulling their ads
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