Twitter hit by 40% revenue drop amid ad squeeze, say reports
More than 500 advertising clients have reportedly paused spending since Elon Musk’s takeover in October
“The ability of Twitter advertising to reach the most influential people in the world is often not fully appreciated. While a few other social networks are technically bigger, Twitter is where the writers & leaders spend their time," Musk tweeted on Thursday.
The comments came amid reports that many big-ticket advertisers on Twitter have pulled their ads from the platform. Around 625 advertisers including Coca-Cola, Jeep, Unilever, Merck, and Wells Fargo stopped spending on the platform since January.The development led to a loss of around $4.5 billion in advertising revenue for Twitter. took some measures to fill up these losses like running a Super Bowl ‘fire sale’ offer and also participating in a brand safety campaign that promised to prompt advertisers in case their ads appear alongside unsafe or inappropriate content.
“Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists. Extremely messed up! They’re trying to destroy free speech in America," Musk tweeted in November.
Reports also claim that Musk is working very seriously on revamping the ad business on and aspires a Google-like search ad system where the primary focus is on keywords rather than user activity.
