Companies seem to be increasing their exodus from Elon Musk’s Twitter, where they had previously advertised. Media Matters for America, a leftist watchdog organization, released a study last week claiming that 50 of Twitter’s top 100 advertisers have stopped spending on the platform since Musk took over at the end of October.
According to the study, the 50 firms have spent over $750 million on advertising on the site so far in 2022. According to the research, seven additional advertisers who collectively spent more than $255 million on Twitter ads since 2020 have drastically reduced their ad spending to near nil. Requests for comment from Twitter went unanswered for the time being.
What Brands Have Stopped Advertising on Twitter?
According to the report, some corporations have published statements or verified that they are suspending Twitter ads. These companies include Chevrolet, Chipotle Mexican Grill, Ford, Jeep, and Merck. The majority of the advertisers on the list, however, had pulled their budgets off the site for a “substantial period of time following direct outreach, controversies, and warnings from media buyers,” as per an examination of data from ad analytics firm Pathmatics conducted by Media Matters.
More than a third of Twitter’s major advertisers did not run any ads in the two weeks leading up to November 22, according to an analysis by the Washington Post. Since at least November 7th, when the Post first reported it, Jeep and Mars have not had ads on the site.
Shortly after Musk completed the $44 billion deal to buy Twitter, GM was one of the first firms to declare it was stopping advertising on the social media network. The Volkswagen Group has also suggested its brands stop all marketing until further notice.
Earlier this month, General Mills revealed that the company had temporarily suspended its Twitter advertisements. General Mills announced they will be pausing their Twitter ads. We’ll keep an eye on the results of this new strategy and see how much we have to spend on advertising.
Apple has mostly stopped advertising on Twitter. Do they hate free speech in America?
— Elon Musk (@elonmusk) November 28, 2022
Why Have Advertisers Paused Ads?
As a result of uncertainty over Twitter’s future content moderation practices, many businesses have suspended their advertising campaigns on the platform. Some corporations’ reputations took a hit when Twitter introduced its paid verification system and fake accounts impersonating those businesses began flooding the network.
It was claimed by the Washington Post that after a bogus verified account tweeted, “We are excited to announce insulin is free now,” the Washington Post reported. Earlier this month, in a message to brands, Musk assured them that Twitter would not devolve into a “free-for-all hellscape where anything can be said with no consequences.”
Several advocacy organizations, including Media Matters, have urged brands to pull their advertising from Twitter over fears that widespread layoffs could hamper the company’s capacity to police offensive or harmful material posted to the site.
Shortly after assuming control, Musk said that Twitter’s “huge loss in revenue” was due to activist groups putting pressure on advertisers. Musk, who has recently stated that he is providing “amnesty” to banned users, had previously vowed to establish a content monitoring council that would make decisions regarding the reactivation of banned accounts.
“A large coalition of political/social activist groups agreed not to try to kill Twitter by starving us of advertising revenue if I agreed to this condition,” Musk tweeted. “They broke the deal.”
Companies that previously advertised on Elon Musk‘s Twitter appear to be leaving in greater numbers. Last week, the leftist watchdog group Media Matters for America released a study claiming that 50 of Twitter’s top 100 advertisers have stopped spending on the platform since Musk took over at the end of October.
In order to keep up with the most latest events, check out Smartnewszone.com and forward this article to your friends and family.