Musk takeover costs Twitter its biggest advertisers
February 20, 2023 - Only 375 of the top 1,000 brands on Twitter are still advertising on the platform since Elon Musk acquired it in October 2022.
In September 2022, a month before Elon Musk acquired Twitter for $44 billion, 92% of Twitter’s top 1,000 advertisers were using the platform. By the first weeks of January 2023, 62% of them were gone – or a fall of 59% over the September figure.
Some 625 of the top 1,000 advertisers on Twitter, including Coca-Cola, Unilever and Jeep, had yanked their ads, based on data running up to January 25 – a collapse in advertising revenue from $127 million to just over $48 million (advertising income is responsible for the vast majority of Twitter’s revenue).
After Musk took over the company in late October 2022, advertisers became jittery about the safety and stability of the platform given his plans to cut staff and relax content moderation policies.