In the weeks after Elon Musk acquired Twitter Inc, hundreds of advertisers paused spending on the platform, wary of the changes the mercurial billionaire might bring to the social media platform. Months later, many still haven’t returned, despite efforts by Twitter’s sales team to woo them back with steep discounts and new safety tools.
From September to October of last year, the top 10 advertisers on Twitter spent $71 million on ads, according to estimates from Pathmatics. In the past two months, that figure dropped to just $7.6 million, a decline of 89%, the research firm said. Twitter’s top ad customers historically have included marquee names like HBO, Amazon, IBM and Coca-Cola.
