Twitter's only real source of revenue is advertising. Musk has pissed off his major advertisers
https://www.cbsnews.com/news/twitter-elon-musk-advertisers/?ftag=CNM-00-10aab7e&linkId=191170525
The few weeks since Elon Musk took the reins of Twitter have been filled with chaos – including a launch, takedown and relaunch of premium services as well as the unbanning of controversial figures. And this week, a new report showcases the impact the management change may be having on the social media giant's finances.
Nonprofit watchdog group Media Matters for America published a report on Tuesday concluding that Twitter has lost half of its top advertisers since Elon Musk acquired the platform at the end of October.
According to the report, 50 of the platform's top 100 advertisers, which have accounted for about $2 billion in spending since 2020, "have either announced or seemingly stopped advertising" in recent weeks. These companies had brought in over $750 million in advertising just in 2022, said the report, which relied on data current as of November 21.
Chevrolet, Chipotle Mexican Grill, Ford and Jeep are among the companies that have either issued a statement or have been publicly reported as recently stopping their advertising on the site, the report said. Others, which Media Matters dubbed "quiet quitters," have seemingly stopped their advertisements on Twitter since Musk's takeover, the report found using Pathmatics data. Those companies include AMC Networks, AT&T, BlackRock, Chanel and Kellogg, among others.
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