Half of Twitter’s top advertisers have bailed from the company after Elon Musk‘s takeover, Media Matters for America reports.
According to MMFA’s analysis, 50 of Twitter’s top 100 advertisers have withdrawn their ad campaigns after spending almost $2 billion on Twitter ads since 2020. Chevrolet, Chipotle Mexican Grill, Inc., Ford, Jeep, Kyndryl, Merck & Co. and Novartis AG have issued statements about stopping their advertising campaigns or have confirmed they intend to do so. Others have stopped advertising on the platform for a “significant period of time following direct outreach, controversies, and warnings from media buyers.”
The report wrote that even with these hits to advertising revenue, Twitter CEO Elon Musk has “continued his rash of brand unsafe actions — including amplifying conspiracy theories, unilaterally reinstating banned accounts such as that of former President Donald Trump, courting and engaging with far-right accounts, and instituting a haphazard verification scheme that allowed extremists and scammers to purchase a blue check.”
Read the full report over at MMFA.