Shulou(Shulou.com)11/24 Report--

Beijing, January 18 (Xinhua) more than 500 Twitter advertisers have suspended spending on the platform since Elon Musk joined Twitter at the end of October last year, according to people familiar with the matter.

Siddharth Rao, the Twitter engineering manager, is responsible for managing the engineers in the Twitter advertising business. In a speech at a staff meeting on Tuesday, he told employees that more than 500 top Twitter advertisers had suspended spending on Twitter since Mr Musk took over.

He also revealed that the company's daily revenue on Tuesday, January 17, was 40% lower than a year earlier, highlighting the crisis facing its core advertising business.

Since becoming the new boss of Twitter, Musk has laid off thousands of employees and rushed to launch a paid authentication feature, causing swindlers to impersonate the company on Twitter. The chaos has prompted corporate advertisers to flee Twitter.

In addition, Twitter lifted its ban on political advertising after it and other social media companies such as Facebook were widely criticized for allowing election misinformation to spread on the platform.

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