Twitter Lost Over 500 Advertisers Since Elon Musk’s Takeover: Report.
It has been reported that a significant number of advertisers have suspended their spending on Twitter since the takeover of the platform by Elon Musk last year.
According to a source familiar with the company’s ad business, cited by The Information, over 500 advertisers have halted their spending on the microblogging site.
The report also stated that the company’s daily revenue on January 17th was 40% lower than the previous year’s day.
Twitter has not yet commented on these media reports. It is believed that the drop in revenue is a result of corporate advertisers withdrawing from the platform in response to Musk’s layoff of thousands of employees, as well as the rushed introduction of a paid verification feature that led to scammers impersonating companies on the platform.
Recently, Twitter lifted its 2019 ban on political ads and announced that it would be loosening its advertising policy for cause-based ads in the United States and aligning its ad policy with other media outlets.