Twitter has lost half of its top 100 advertisers since the Elon Musk takeover

Since Elon Musk took ownership of Twitter on October 28, 50 out of the top 100 advertisers on the social media platform have pulled their ads, Media Matters has reported. These 50 companies spent a combined $750 million on Twitter ads in 2022 and $2 billion since 2020, the media watchdog reports.

Many, such as Ford, Jeep and Chevrolet, have issued statements about their reasons for quitting as hate speech spread and talks with Musk failed to satisfy concerns about content moderation.

Ford and GM were among the first to pause advertising, appearing on Day 1 of Musk’s reign as hate speech and racial and anti-Semitic slurs spiraled out of control on Twitter. Ford spokesman Said Deep told Forbes at the time: “We will continue to evaluate the direction of the platform under the new ownership.” However, both automakers continue to engage with customers on the platform.

Also read:
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Media Matters also tracked advertisers that have “quietly exited” Twitter without making a formal announcement, such as AT&T, Coca-Cola, Chanel and American Express.

On Nov. 4, Musk blasted activists for the “massive” advertising exodus.

Jessica Gonz├ílez, co-CEO of Free Press and an organizer of the “Save Twitter” campaign, said at the time that more than 60 organizations had agreed to stop their ads. “We are escalating our call to Twitter’s advertisers, who make up 90% of the company’s revenue. These companies can stop their ads from fueling intimidation, violence and pain,” she said at the time.

The Media Matters report is based on analysis of Pathmatics data per 21 November.

Twitter no longer has a communications department that can comment on this report.

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As hundreds of employees leave Twitter, concerns about the site’s viability mount

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