More than half of Twitter’s top advertisers, bought by Elon Musk, have reportedly stopped advertising on Twitter.
The Washington Post reported, citing data from research firm Pathmatics, that 14 of the top 50 advertisers on Twitter have not advertised on Twitter since Musk’s acquisition.
Major advertisers who have stopped advertising include car brand Jeep, food companies Mars and Kellogg, and US pharmaceutical company Merck & Company, which have not advertised on Twitter since Musk took over Twitter on the 27th of last month.
About this, the food company Mars said, “We started to suspend advertising activities on Twitter at the end of September when we became aware of significant events regarding the safety and sustainability of the brand.”
These companies, excluding ads from Twitter, are said to have achieved more than 1.1 trillion earned in ads on Twitter this year.
Musk is looking for alternative sources of revenue as he undergoes massive layoffs and cost cuts after acquiring Twitter, but his reliance on advertising is so high that nearly 90% of his roughly 6.7 trillion won sales last year came from advertising.
