Since Elon Musk took over the microblogging site last year, more than 500 of Twitter’s advertisers have stopped spending money there, according to a report on Wednesday, citing a person familiar with its advertising operations.
The social media company’s daily revenue on January 17 was 40% lower than it was on the same day a year earlier. Local media broke the news of the company’s revenue decline on Tuesday.
Since Musk took over Twitter in October of last year, corporate advertisers have abandoned the platform in protest at the billionaire’s mass layoffs of staff members and hasty introduction of a paid verification service that allowed scammers to pose as legitimate businesses on Twitter.
The social media company recently announced that it would lift its 2019 ban on political advertisements and allow “cause-based commercials” in the United States, aligning its ad policy with those of TV and other media outlets.