Twitter Ad Revenue Drops 89% Since Musk Takeover

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Twitter Ad Revenue Drops 89% Since Musk Takeover

| Updated: March 31, 2023 11:47

After Elon Musk completed the $44 billion deal to take over the microblogging website, hundreds of advertisers stopped sending ads on Twitter which has brought concern about changes to the social media platform. Months later, despite its sales team’s best efforts to bring them back with large discounts and new safety tools, they have still not returned. 

Elon Musk stated that the company’s revenue has dropped by half since October, despite a slight increase in daily users. As a result, a  decline in revenue has affected in a massive fall in advertising.

HBO, Amazon, IBM, and Coca-Cola were among Twitter’s top ad customers. As of February, major brands such as Mondelez International Inc., Coca-Cola Co., Merck & Co., Hilton Worldwide Holdings Inc., and AT&T Inc. had yet to resume ad spending on the platform.

Musk has taken steps to reassure advertisers. Shortly after the billionaire bought the San Francisco-based company, Twitter tried to woo back wary ad customers by introducing adjacency controls, which allow marketers to prevent their ads from appearing alongside tweets containing specific keywords or images. Last year, Twitter began offering advertisers significant discounts – in some cases hundreds of thousands of dollars in free advertising – if they would resume spending.

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