Market research company Media Matters statistics show that 25 days after Elon Musk acquired Twitter, half of the company's 100 largest advertisers stopped. Advertise on its platform. These 50 companies have contributed close to $2 billion in advertising revenue to Twitter since 2020, spending $750 million this year alone.
Companies such as Chevrolet, Ford, and Chipotle have publicly announced that they will stop advertising on Twitter. Other advertisers have quietly dropped out because its analysis of Pathmatics data showed the companies had stopped running ads for a long time.
Coca-Cola, Kellogg's, and Meta have also all eliminated Twitter's advertising budgets. The company believes the businesses opted out of Twitter because of "direct publicity, controversy, and warnings from media buyers.
Mars Candy clarified that the company suspended advertising on Twitter as early as late September before Musk's acquisition of Twitter was completed.
Musk held a virtual conference call after completing the acquisition, trying to appease advertisers and convince them of the safety of Twitter.
On November 11, GroupM, the world's largest ad buyer, will launch an ad platform designated as high-risk and issue a warning to customers that it is not recommended to purchase ad space on this platform.
Advertiser concerns have been heightened following the reported departure of Twitter's head of trust and safety, Yoel Roth. Ross had tried to assuage advertisers' concerns about disinformation and hate speech on the Twitter platform.
GroupM is also concerned about impersonating a business brand since an $8 Twitter Blue subscription allows anyone to get a Blue Label. Nintendo and McDonald's have been counterfeited, and someone pretended to be the pharmaceutical company Lili said,
Insulin is now free.
Musk then suspended the paid verification feature until he was confident enough to resolve the issue. Writer Stephen King also quipped on Tuesday,
It won't be long before My Pillow is the only advertiser left on Twitter.
My Pillow is a company led by Mike Lindell, a supporter of former US President Donald Trump.
Twitter has yet to comment.