Musk scares off advertisers: 50 of Twitter's top 100 advertisers
Beijing, Nov. 24 (Xinhua) according to statistics from market research firm Media Matters, 25 days after Elon Musk bought Twitter, half of its top 100 advertisers have stopped advertising on its platform.
Media Matters says the 50 companies have contributed nearly $2 billion in advertising revenue to Twitter since 2020, spending $750 million this year alone.
Companies such as Chevrolet, Ford and Chipotle have publicly announced that they will stop advertising on Twitter. Media Matter said other advertisers quietly pulled out because its analysis of Pathmatics data showed that these companies had stopped advertising for a long time.
Coca-Cola, Kellogg's and Meta have also cancelled Twitter's advertising budgets, Media Matters said. The company believes that these companies chose to withdraw from Twitter because of "direct publicity, controversy and warnings from media buyers".
Mars Candy clarified that the company first suspended advertising on Twitter at the end of September, before Musk completed its acquisition of Twitter.
It was previously reported that Musk had held a virtual conference call after completing the acquisition in an attempt to reassure advertisers of Twitter's security.
On November 11, GroupM, the world's largest advertising buyer, designated Twitter as a "high-risk" advertising platform and warned customers not to buy advertising space on the platform.
Advertisers' concerns are reported to have intensified after the departure of Yoel Ross, Twitter's head of trust and security. Ross has tried to reassure advertisers about false information and hate speech on the Twitter platform.
GroupM is also worried that someone is impersonating a corporate brand because the $8 Twitter Blue subscription service allows anyone to get the blue mark.
Both Nintendo and McDonald's have been faked, and some people pretend to be pharmaceutical companies and say, "Insulin is free now."
Musk then suspended the paid authentication feature and will not reopen it until he is confident enough to resolve the problem.
Writer Stephen King mocked on Tuesday: "it won't be long before there will be only My Pillow advertisers left on Twitter."
My Pillow is a company led by Mike Lindell, a supporter of former US President Donald Trump.
Twitter has yet to comment.
