Major global brands cut back or gave up advertising on Twitter because of Musk
The Financial Times writes that almost all of the world's major brands have reduced or temporarily gave up advertising on Twitter after the company was headed by Elon Musk.
The reason was the billionaire's chaotic approach to management. Also an important factor was the massive layoffs, including advertising workers. Companies complain that agencies now have no contact with the social network and receive almost no messages from it. At the same time, many have noted that Twitter's advertising systems have become dysfunctional.
According to FT, Musk has even tried to pressure some advertisers, but as a result, others have decided to cut their spending to a minimum.
Media Matters writes that a total of 50 of the top 100 advertisers have suspended or announced their intention to suspend spending since Musk took over the social network. These 50 companies accounted for $317 million of Twitter's $5 billion in revenue in 2021.
Source: Financial Times
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