A report from Media Matters for America stated that half of Twitter’s top 100 advertisers appeared to have stopped advertising on the website. The 50 advertisers have spent almost $2 billion on Twitter ads since 2020 and more than $750 million just in 2022.
The billionaire owner of Twitter, Elon Musk has called up the chief executives of companies that pulled advertising spending from Twitter to complain, the Financial Times reported.
A report from Media Matters for America stated that half of Twitter’s top 100 advertisers appeared to have stopped advertising on the website. The 50 advertisers have spent almost $2 billion on Twitter ads since 2020 and more than $750 million just in 2022.
Seven additional advertisers have slowed their advertising to almost nothing, according to the report. These companies have paid Twitter more than $255 million since 2020.
Musk personally called the CEOs to chastise them, one industry figure told the FT, but his actions have backfired, said the newspaper.
Half of Twitter’s top 100 advertisers have stopped advertising on the platform in recent weeks as a result of “controversies” and “warnings from media buyers.”
The list includes Meta, Coca-Cola and Kellogg’s, according to a report by Media Matters.
There are few workers left on the Twitter ads business team after many members of staff were laid off after Musk took control of the company.
Twitter’s ad systems have become bug-ridden, according to some media buyers, making it nearly impossible to launch campaigns.
“It is quite unique. The turmoil, the damage, nothing of this magnitude has happened before. Never,” a big four advertising agency executive told the FT.
Derrick Johnson, the president of civil rights organization, the NAACP, last week urged advertisers to stop using Twitter because of Musk’s decision to reinstate former US president Donald Trump’s account.
“Any advertiser still funding Twitter should immediately pause all advertising now,” Johnson tweeted. The NAACP chief also hit out at Musk’s use of a “garbage poll” to determine if he should let Trump return.
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