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Musk’s approach scares away Twitter advertisers

MOSCOW (Sputnik) – A number of advertising agencies have suspended spending on Twitter, alarmed by the management approach of the social platform’s new owner, billionaire entrepreneur Elon Musk, reports the Financial Times.

According to an analysis by nonprofit Media Matters for America, 50 of the top 100 advertisers, accounting for $750 million in advertising this year, had suspended or announced their intention to suspend spending since Musk’s acquisition of Twitter. , the newspaper said on Saturday. .

The same 50 advertisers accounted for $317 million of Twitter’s $5 billion in revenue in 2021.

Meanwhile, Omnicom Media Group and Interpublic have recommended that their clients suspend spending on Twitter, while WPP’s GroupM has raised its advertising risk rating on the platform to “high risk”, sources told the Financial. Times.

The newspaper claims, citing sources, that as a result of Musk’s job cuts, ad agencies no longer have a point of contact within the Twitter Ads sales team and “have received little or no communication in recent weeks”, including comments on the performance of previous campaigns. .

On October 28, Musk completed the acquisition of Twitter, which cost him $44 billion. After the takeover, Musk changed the day-to-day operations of the company, including firing Twitter executives, who were responsible for the platform’s privacy and cybersecurity, as well as regular Twitter employees. Significant political changes have caused a wave of concern.

The Washington Post reported on Wednesday, citing market research data, that more than a third of Twitter’s top 100 advertisers had stopped serving ads on the social media platform within two weeks of its takeover. the company by Musk.

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