After taking control of Twitter, Elon Musk accused activist groups of “trying to destroy free speech in America” with their pressure tactics to drive advertisers away.
Musk stated that Twitter has experienced a “massive drop in revenue.”
The announcement comes as Twitter prepares to lay off a reported 50 percent of its workforce. Musk sparked outrage this week when he proposed charging verified users a small fee for the privilege.
General Motors announced a suspension of advertising last week. This week, General Mills, Pfizer, Mondelez, and Audi announced the suspension of Twitter advertising.
Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists.
Extremely messed up! They’re trying to destroy free speech in America.
— Elon Musk (@elonmusk) November 4, 2022
Although Twitter is by no means the largest platform used by advertisers for digital marketing, it generates about 90% of its revenue from advertisements.
About 75% of all digital advertisements are displayed on Google, Amazon, and Meta, with the remaining 25% appearing on all other platforms.
According to predictions made by Insider Intelligence, Twitter will represent 0.9% of global digital ad spending in 2022. 2022 will see a 21.4% increase in meta.
The majority of Twitter’s top executives have left in the last week, including the one in charge of sales of advertising.